Coinbase is moving forward with the launch of cbBTC, an ERC-20 tokenized bitcoin that will go live on Base and other Ethereum ecosystems.

The new bitcoin token will be backed 1:1 by bitcoin reserves and presumably held in centralized custody by Coinbase.

Coinbase first teased the impending cbBTC on Aug. 14 amid a swirl of controversy surrounding BitGo. Today, it was formally announced.

This marks the first significant competitive threat to BitGo’s wrapped bitcoin (WBTC), which controls a dominant 96.6% market share across the Ethereum ecosystem today, according to Dune.

Read more: BitGo moves to allay fears over WBTC custodial changes

Coinbase’s tweet claims cbBTC will be available…

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