Coinbase's Wrapped Bitcoin (cbBTC) Hits $100M in One Day
Following the debut of the product Thursday, Coinbase’s wrapped Bitcoin offering (cbBTC) has reached a market cap of $100 million in just one day. The figure showcases a clear surge in adoption within its first 24 hours. Moreover, there are many who predict that it could take some of WBTCs market share. The product should also be massively important for overall activity on the Base platform. According to data from Dune Analytics, the supply of cbBTC has already surpassed 1,720 tokens. Subsequently, that supply accounts for a value of $99.8 million. Source – Coinbase Blog Also Read: Coinbase CEO Says Crypto Will Follow Instant Messaging Path to Adoption Coinbase cbBTC Surges to $100 Million Market Cap in Just 24 Hours Just yesterday, Coinbase announced the launch of a wrapped Bitcoin offering. In a press release, it noted the arrival of an ERC20 token that is fully backed, 1:1, by Bitcoin. The reserves are held by Coinbase, with both Base and Ethereum supporting the new cbBTC...