Coinbase launched its own Wrapped Bitcoin (cbBTC) token, quickly becoming the third-largest in the market. While analysts see opportunity for growth and user engagement in the wrapped bitcoin market, concerns remain about transparency and investor confidence.
The Wrapped Bitcoin market is seeing the emergence of new players, like Coinbase , the largest American crypto exchange. Analysts believe the market’s current condition presents an opportunity for higher user engagement, enhanced cross-chain liquidity, and significant growth in the coming years.suggest the race may not be smooth, and investors may be reluctant to use some tokens because of the mechanisms used by the custodians.
Coinbase launched cbBTC on September 12, and within a week, the token became the third-largest Wrapped Bitcoin in the market,HBTC and renBTC. CryptoQuant analysts found that 64% of the token’s supply on Ethereum is on the decentralized exchange Uniswap. The token has been deposited in pools to provide liquidity for several trading pairs like cbBTC/WBTC and cbBTC/USDC.has a circulating supply of roughly 1,670 cbBTC , with 941 cbBTC directly on Ethereum and 729 on Base.
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