The launch of Coinbase cbBTC on the Base network has fueled concerns over its reserve transparency. These concerns gained traction after Justin Sun pointed out the lack of Proof-of-Reserve (PoR) for the new product. Despite this, Bloomberg senior ETF analyst Eric Balchunas has defended the exchange’s integrity, citing BlackRock’s involvement as a reason for trust in the project.
But with growing skepticism in the community, can BlackRock’s backing restore confidence in cbBTC?
BlackRock Backing Ensures Coinbase cbBTC Reserve
Senior Bloomberg ETF analyst Eric Balchunas has shrugged off concerns over Coinbase cbBTC reserve transparency in an X post. In his recent social media post, he argued that BlackRock’s involvement adds credibility to the product of one of the top crypto exchanges.
He explained that BlackRock, as a significant player in the financial sector, would not tolerate any mismanagement of Bitcoin reserves by the crypto exchange. In addition, any foul play could poten
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