What is Coinbase Wrapped BTC (CBBTC)?
Coinbase Wrapped BTC ("cbBTC") is a token that is backed 1:1 by native Bitcoin (BTC) held by Coinbase, meaning that for all cbBTC in circulation, there is an equivalent amount of BTC held in a secure custody solution (including cold storage) provided by Coinbase. Wrapped assets, like cbBTC, are transferable tokens that are redeemable for the underlying asset. Coinbase customers can unwrap cbBTC and redeem a corresponding amount of the underlying BTC simply by depositing the cbBTC into their Coinbase accounts.
How does Coinbase Wrapped BTC work?
cbBTC is built to be seamlessly compatible with DeFi applications, giving customers the option to tap into DeFi and unlock financial utility. cbBTC removes a key point of friction by allowing customers to use Bitcoin they already hold in new ways onchain. cbBTC is built to be seamlessly compatible with DeFi applications, so users can now tap into novel DeFi use cases like providing their Bitcoin as liquidity to DeFi protocols, using it as collateral to borrow other crypto assets, or spending it as a payment method.
What is Coinbase Wrapped BTC used for?
Wrapped assets like cbBTC are a mature concept in the crypto world, helping to bring more liquid assets onchain and facilitate an expansive financial ecosystem.
Where can you buy Coinbase Wrapped BTC?
Coinbase Wrapped BTC (CBBTC) is traded on a wide range of centralized and decentralized exchanges. The most liquid markets for CBBTC sit on tier-1 venues - the sort of exchanges where institutional desks and professional market makers rebalance continuously - which is what keeps the spread tight and the last price tied closely to fair value.
You can open the Markets section above to see the live list of exchanges quoting CBBTC, sorted by 24-hour volume. Each row links to the venue's trade page so you can go directly from research to execution without copying the ticker around by hand.