Fun

Coinbase teases ‘cbBTC’ days after BitGo Wrapped Bitcoin controversy

News Feed - 2024-08-14 01:08:18

Tom Mitchelhill4 hours agoCoinbase teases ‘cbBTC’ days after BitGo Wrapped Bitcoin controversySpeculators think the post refers to Coinbase’s own wrapped Bitcoin product, which will potentially be launched on its layer-2 network Base.1569 Total views10 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onCoinbase has just teased the possible launch of a new product called “cbBTC,” with many commentators speculating that the United States-based crypto exchange is launching its own wrapped Bitcoin token.


In an Aug. 13 X post, the official Coinbase account said just one word, “cbBTC,” before adding “coming soon” in a follow-up comment to the original post. Source: Coinbase


In another X post an hour later, Jesse Pollak — the head of Coinbases’ layer-2 network Base — expressed his love for Bitcoin (BTC), adding that Base would build a “massive Bitcoin economy” on its network.Source: Jesse Pollak


The cryptic posts about cbBTC from Coinbase and Pollak come just days after a controversy involving BitGo — the team behind Wrapped Bitcoin (WBTC) — and Tron founder Justin Sun.


On Aug. 9, BitGo announced plans to transfer control over WBTC to a joint venture made up of itself, Hong Kong-based investment manager BiT Global and Sun’s Tron ecosystem.


Many within the decentralized finance (DeFi) ecosystem were concerned with Sun’s involvement and called for WBTC support to be pulled from major protocols.


Related:Why is Bitcoin DeFi blooming? Developers share their insights


On Aug. 10, crypto risk management firm Block Analitica (BA) published a proposal on MakerDAO’s governance forum requesting the protocol to close all new wBTC debts and prevent new borrowing against WBTC collateral.


“We find that Sun’s involvement as a controlling interest in the new WBTC joint venture presents an unacceptable level of risk,” BA concluded.


BitGo CEO Matt Belshe brushed aside any security concerns, saying the controversy was a “reaction to the Justin Sun name” rather than a proper assessment of the facts.


Belshe clarified that the underlying WBTC security protocols are not in danger, and they would still remain the “same as what you have today,” regardless of Sun’s involvement.


Sun also addressed the controversy in an Aug. 11 X post, saying there had been “no changes to WBTC” and his involvement did not involve direct access to funds.


Magazine:How Chinese traders and miners get around China’s crypto ban# Bitcoin# Cryptocurrencies# Business# BitGo# United States# Cryptocurrency Exchange# TronAdd reaction

News Feed

Bank of Russia Pushes to Introduce Liability for Illegal Use of Digital Assets
Bank of Russia Pushes to Introduce Liability for Illegal Use of Digital Assets The monetary authority in Moscow, the Bank of Russia, wants those who use cryptocurrencies against th
Discount on Grayscale’s GBTC Plunges to New Record Low as Competition From Emerging Rivals Intensifies
Discount on Grayscale"s GBTC Plunges to New Record Low as Competition From Emerging Rivals Intensifies The premium on Grayscale Investment’s GBTC, which tu
Elisha Owusu Akyaw8 hours agoOnboarding crypto users in Africa vs. the West — Fonbnk founder Christian Duffus explainsChristian Duffus, founder of Fonbnk, believes a lack of basic infrastructure such as telecommunicati
Bitget reports $700M capital inflow in Q2, adds 2.9M users
Ezra ReguerraJul 11, 2024Bitget reports $700M capital inflow in Q2, adds 2.9M usersThe exchange reported that its BTC, USDT and ETH holdings grew by at least 70%, highlighting a $700 million capital inflow for the quarte
Protocol, Networks, Law, and Anarchism
Protocol, Networks, Law, and Anarchism I imagine long ago there was a time when neither verbal nor written language existed for humans. Hand gestures and other physical cues were
Bitcoin to Rise to $20K This Year Spurred by Government Money Printing and Covid-19: Bloomberg
Bitcoin to Rise to $20K This Year Spurred by Government Money Printing and Covid-19: BloombergBloomberg has forecast bitcoin to reach its record high of $20,000, and possibly $28,00
Lending Protocol Founders to Launch ‘Neo-Bank’ Offering Interest on USDC
The founders of lending protocol Nuo are launching a “neo-bank” to attract more retail users. Varun Deshpande, Ratnesh Ray and Siddharth Verma – who launched the
SPX and Ethereum to Rally Despite Trump Tariffs: Best Meme Coins to Buy Now
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
XRP Sky-High Target: Analyst Predicts $385 – Here’s The Case
Este artículo también está disponible en español. Crypto aficionados are taking notice of a prognosis that raises eyebrows. According to market expert Random Crypto Pal,
Rachel Wolfson9 hours agoUS law protects institutions and exposes retail investors — Rep. TorresNew York Representative Ritchie Torres had an exclusive interview with Cointelegraph to discuss why retail investors are s
Google Backs AI Firm Anthropic With $300 Million, Following Series B Investment From Controversial FTX Co-Founder
Google Backs AI Firm Anthropic With $300 Million, Following Series B Investment From Controversial FTX Co-Founder As the artificial intelligence (AI) wars intensify, the AI firm An
Uzbekistan Approves Rules for Issuance and Circulation of Crypto Assets
Uzbekistan Approves Rules for Issuance and Circulation of Crypto Assets The authority responsible for crypto oversight in Uzbekistan has determined the order of issuing and circula