Coinbase has officially launched its encapsulated bitcoin version, Coinbase Wrapped BTC (cbBTC). The token, which runs on the Ethereum network and is backed by 1:1 bitcoins, is designed to allow traders to use bitcoins on Ethereum, primarily for DeFi. Coinbase says cbBTC will run on the Ethereum mainnet and its own L2 network, Base, connecting deep off-chain bitcoin liquidity to low-cost, high-speed financial tracks on Base and Ethereum for the first time.