Circle launches cirBTC wrapped bitcoin token on Ethereum, competing with Coinbase in DeFi market
By
Jamie Crawley
Summary
Circle Internet has launched cirBTC, a wrapped bitcoin token backed 1:1 by bitcoin, on the Ethereum blockchain. The move positions Circle to compete directly with Coinbase in the synthetic bitcoin market. cirBTC enables bitcoin holders to use their assets in decentralized finance (DeFi) protocols such as lending, decentralized exchanges, tokenized assets, and stablecoins. This expands Circle's offerings beyond its well-known USDC stablecoin into the growing wrapped bitcoin sector.
Source
bskyCircle launches cirBTC wrapped bitcoin token on Ethereum, competing with Coinbase in DeFi marketcoindesk.comKey quotes
· 3 pulledCircle Internet's (CRCL) wrapped version of bitcoin BTC$63,271.85, cirBTC, is live on Ethereum as the company best known for its dollar-pegged stablecoin takes on Coinbase (COIN) for dominance of the synthetic BTC market.
The New York-based firm said it developed cirBTC, a token backed 1:1 by the world's largest cryptocurrency, to allow traders to access their bitcoin wealth in decentralized finance (DeFi) protocols, including lending, decentralized exchange (DEXs), tokenized assets and stablecoins.
Synthetic, or wrapped, bitcoin tokens exist to address the historical lack of provision for DeFi
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