Coinbase shares are trading higher after the company announced the launch of Coinbase Wrapped BTC (cbBTC), a new ERC20 token backed 1:1 by Bitcoin held in Coinbase's custody to bridge Bitcoin to Ethereum and base networks.
Portfolio Pulse from Benzinga Newsdesk
Coinbase shares rise following the launch of Coinbase Wrapped BTC (cbBTC), an ERC20 token backed 1:1 by Bitcoin, aimed at bridging Bitcoin to Ethereum and base networks.
September 12, 2024 | 6:00 pm
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POSITIVE IMPACT
Coinbase shares are trading higher after the launch of Coinbase Wrapped BTC (cbBTC), a new ERC20 token. This product aims to bridge Bitcoin to Ethereum and base networks, potentially increasing Coinbase's market presence and user engagement.
The launch of cbBTC is a strategic move by Coinbase to enhance its product offerings and integrate Bitcoin with Ethereum and base networks. This innovation could attract more users and increase trading volumes, positively impacting Coinbase's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100