The supply of Wrapped Bitcoin (wBTC) on Coinbase, the world’s leading digital currency exchange by trading volume, has surpassed 40,000. This update comes from CoinRank, a prominent platform for crypto analytics, blockchain, and AI.
cbBTC Secures Serious Ground in Wrapped Bitcoin Race
According to the new data shared by CoinRank on the social media platform X, the current supply of Coinbase’s Wrapped Bitcoin, known as cbBTC, has crossed the figure of 40k standing at 40,884 cbBTC at the moment.
cbBTC has also shown massive month growth as well which is up by 1900 as per the report. If we further explore the statistical data of this wrapped Bitcoin, we find out that the market capitalization of cbBTC is standing at around $3.89 billion at the moment and its market share is 22.7%.
With this potential growth over the past month, cbBTC has started securing its ground in the race of wrapped Bitcoins. cbBTC is the one to watch out for in the days to come in the world of wBTC.
cbBTC To Be Supported on Ethereum, Solana, And Base
The wrapped Bitcoin of the Coinbase cryptocurrency exchange is an ERC20 token and it is held by 1:1 by BTC. It will get support on major blockchains including Ethereum, Solana, and Base at the time of the launch. In future, it is planning on adding support to more blockchains as well.
The amount of Bitcoin sent and received by the users of the Coinbase digital currency exchange will be converted to cbBTC by 1:1. Moreover, at the time of the launch, cbBTC’s transactions will occur on the leading digital currency exchange Coinbase in the United States, Singapore, the United Kingdom, Australia, Brazil, and EEA states.
