Coinbase Hints at Potential cbBTC Launch Following BitGo Wrapped Bitcoin Controversy

Coinbase
recently
sparked
speculation
regarding
the
possible
introduction
of
a
new
wrapped
Bitcoin
product,
cbBTC.
Many
in
the
cryptocurrency
community
believe
this
new
product
will
be
launched
on
Coinbase’s
layer-2
network,
Base.
These
speculations
followed
a
series
of
cryptic
posts
on
social
media
from

Coinbase
and
key
figures
within
the
company.

Coinbase’s
Entry
into
Wrapped
Bitcoin
Market

On
August
13,
Coinbase
took
to
X
(formerly
known
as
Twitter)
to
hint
at
the
upcoming
product
with
a
single
post
stating
“cbBTC,”
followed
by
a
comment,
“coming
soon.”
This
brief
announcement
fueled
speculation
that
the
United
States-based
cryptocurrency
exchange
is
preparing
to
release
its
own
wrapped
Bitcoin
token.

Shortly
after
Coinbase’s
initial
post,
Jesse
Pollak,
who
leads
Coinbase’s
Base
network,
also
shared
his
thoughts
via
X.

He
expressed
his
deep
appreciation
for
Bitcoin,
emphasizing
that
Base
aims
to
foster
the
development
of
a
“massive
Bitcoin
economy”
on
the
layer-2
network.

These
hints
about
the
forthcoming
cbBTC
token
come
in
the
wake
of
a
recent
controversy
surrounding
BitGo,
the
company
responsible
for
managing
Wrapped
Bitcoin
(WBTC).
The
controversy
emerged
after

BitGo
revealed
plans
on
August
9
to
transfer
control
of
WBTC
to
a
new
joint
venture
that
includes
itself,
Hong
Kong-based
investment
manager
BiT
Global,
and
Justin
Sun’s
Tron
ecosystem.
This
announcement
sparked
concerns
within
the
decentralized
finance
(DeFi)
community,
particularly
over
Sun’s
involvement
in
the
joint
venture.

BitGo
and
Justin
Sun’s

Concerns
escalated
on
August
10,
when
crypto
risk
management
firm
Block
Analitica
(BA)
raised
a
proposal
on
MakerDAO’s
governance
forum.
The
proposal
urged
the
protocol
to
stop
new
borrowing
against
WBTC
collateral
and
to
close
all
outstanding
WBTC
debts.
According
to
BA,
the
level
of
risk
associated
with
Sun’s
involvement
in
the
WBTC
joint
venture
was
deemed
too
high
for
comfort.

BitGo
CEO
Matt
Belshe,
however,
downplayed
these
concerns.
He
suggested
that
the
alarm
surrounding
Justin
Sun’s
involvement
was
more
a
reaction
to
his
name
than
any
genuine
security
risks.
Belshe
further
reassured
the
community
that
WBTC’s
underlying
security
protocols
would
remain
unchanged,
regardless
of
the
recent
developments.
He
emphasized
that
the
security
structure
in
place
is
the
same
as
it
has
always
been,
ensuring
that
the
integrity
of
WBTC
would
not
be
compromised.

Justin
Sun
himself
addressed
the
controversy
in
a
post
on
X
dated
August
11.
He
clarified
that
his
involvement
with
WBTC
did
not
grant
him
direct
access
to
any
funds
and
that
no
changes
had
been
made
to
WBTC
as
a
result
of
the
joint
venture.
Sun
stressed
that
his
role
in
the
new
partnership
did
not
impact
the
security
or
functionality
of
the
token.

The
news
of

Coinbase’s
potential
launch
of
cbBTC
arrives
at
a
time
when
concerns
over
the
stability
and
security
of
Wrapped
Bitcoin
are
being
actively
discussed.
The
introduction
of
cbBTC
could
provide
a
fresh
alternative
for
users
seeking
a
wrapped
Bitcoin
token
amid
ongoing
concerns
related
to
WBTC
and
its
management.

#CMCNews:
Coinbase
Announces
New
Wrapped
Bitcoin
cbBTC
on
Base
Network.https://t.co/mXM3XLoEkC

Coinbase
has
announced
plans
to
launch

#cbBTC,
a
wrapped
version
of

#Bitcoin,
on
its
Base
network

—
CoinMarketCap
(@CoinMarketCap)

August
15,
2024

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