Coinbase has announced the launch of cbBTC, a new wrapped Bitcoin product on its Base platform, which is expected to compete with the existing Wrapped Bitcoin (WBTC) in the decentralized finance (DeFi) space. cbBTC aims to provide users with low-fee transactions and increased access to DeFi services such as lending, borrowing, and yield farming. Experts suggest that cbBTC could surpass WBTC in supply within six months of its launch. Additionally, cbBTC is anticipated to enhance the Ethereum ecosystem by facilitating onchain liquidity and cross-chain swaps. Coinbase plans to offer 0 fees on mint/redeem and withdraw to Base. Jesse Pollak stated, "We’re going to build a massive Bitcoin economy on Base."