Crypto exchange Coinbase is all set to expand its footprint in the Bitcoin ecosystem by teasing the launch of cbBTC which could be a potential rival to the Wrapped Bitcoin WBTC token. Interestingly, the crypto exchange announces cbBTC at a time when concerns regarding Justin Sun’s involvement with the WBTC token have grown.
Coinbase’s cbBTC to Rival WBTC?
The recent hint at launching the cbBTC token, shows that crypto exchange Coinbase is planning to build a substantial Bitcoin economic system on the Base network. Interestingly, this development comes amid rising concerns about Justin Sun’s growing involvement with the WBTC custodial changes. Speculations are ripe that the cbBTC could emerge as the direct competitor to WBTC.
Coming soon.
— Coinbase (@coinbase) August 14, 2024
The concerns regarding the WBTC custody started propping up after major custodian BitGo stated that it would start transferring the control of the product to a new joint venture. However, Justin Sun late
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