A short and cryptic tweet sparked a frenzy in X circles late Tuesday night when leading global exchange Coinbase hinted at plans to enter the wrapped Bitcoin market. The initial speculation was quickly validated by senior employees who corroborated their excitement for further integration of the Bitcoin asset into the company’s on-chain ecosystem.
Other observers have highlighted the strategic nature of the decision following a tumultuous week for current market favorite, BitGo’s wBTC. The latter has long been regarded as the easiest and most popular method for Bitcoin investors to gain exposure to DeFi products.
With the industry’s attention on Bitcoin-native alternatives, the announcement is seen by many as a decisive move toward preserving Ethereum’s dominance as the de-facto Bitcoin DeFi layer.
The Origins Of Wrapped Bitcoin
To better understand the emergence and interest in wrapped Bitcoin products, one needs to rewind the clock to 2018 when the idea of DeFi
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