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Coinbase Pro announces support for DeFi’s Wrapped Bitcoin (WBTC) token

TL;DR

  • Coinbase launches support for Wrapped Bitcoin (WBTC).
  • This follows the recent launch of other DeFi tokens like Uniswap (UNI).

The activities and hopes in the decentralized finance (DeFi) market appears to be slow. Notwithstanding, cryptocurrency exchanges are still adding DeFi tokens for the customers, in support of the market. Today, Coinbase Pro, the professional trading platform of Coinbase, has launched support for DeFi’s Wrapped Bitcoin token dubbed WBTC.

WBTC trading begins soon on Coinbase Pro

Following the announcement, Coinbase Pro debuted support for the WBTC token, as of October 15. Hence, traders on the platform can begin to deposit their Wrapped Bitcoins tokens, although the trading is slated to start at a later date. As the token’s inbound transfer opens, trading scheduled to start by Tuesday, that is if the liquidity conditions were attained.

With a sufficient supply of Bitcoin token, Coinbase Pro will launch the token’s fiat and crypto trading pairs – WBTC-USD and WBTC-BTC – in their order books. This will reportedly be released in about four phases which include, transfer-only, post-only, limit-only, and full trading. Crypto traders from Coinbase Pro’s supported regions can participate in the trading, except for customers in New York.

Coinbase DeFi tokens

The launching of Wrapped Bitcoin on Coinbase Pro comes as the demand for the token continues to grow. The protocol is currently ranked as the third-largest protocol on DeFi Pulse, with nearly $1.2 billion in assets locked. WBTC is basically the Ethereum version of Bitcoin. It is an ERC-20 token roughly pegged to Bitcoin in a 1:1 ratio. Given the difference in the Blockchains, the token was created to enable Bitcoin users to equally interact with Ethereum and DeFi to be precise.

Meanwhile, the Wrapped Bitcoin token is not the first-ever decentralized finance token to be supported by the exchange. Recently, Coinbase rolled out support for tokens such as Maker (MKR), Yearn.Finance (YFI), Compound (COMP), Uniswap (UNI), Balancer (BAL), and many more.

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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