Coinbase is already seeing enormous success bringing Bitcoin into decentralized finance. And it might just be the beginning of a massive new opportunity for America’s largest crypto exchange.
What’s happening:
- Coinbase (NASDAQ: COIN) has now seen more than $1B USD in total inflows into Coinbase Wrapped Bitcoin since initially being launched onto the Base and Ethereum blockchains
By the numbers:
- Coinbase Wrapped Bitcoin first officially launched 9 weeks ago
- In the last 3 weeks alone, Coinbase Wrapped Bitcoin has seen it’s total market capitalization double
Why it matters:
- Coinbase Wrapped Bitcoin unlocks the ability for owners of Bitcoin to be able to use popular decentralized finance applications, generate a staking yield from their Bitcoin or use their Bitcoin as lending collateral all while keeping their Bitcoin in custody directly with Coinbase
- There has already been major adoption of Coinbase Wrapped Bitcoin amongst popular decentralized finance applications and decentralized exchanges, including Compound, Aave, Uniswap, Sky, Aerodome, Maple and many others
Going deeper:
- Coinbase has started to become highly prolific with launching new products and technology within the digital asset ecosystem, following the massive success of their own layer 2 blockchain Base
The intrigue:
- Coinbase also just recently publicly announced that they plan to begin buying back a billion dollars worth of their common shares
