Wrapped Bitcoin

DeFi

Block

Impact

Base

<ul>
  
 <li>Coinbase is launching cbBTC on the Base network as concerns grow over WBTC and Justin Sun's role.</li>   
 <li>&nbsp;The crypto community is worried about Justin Sun's influence on WBTC as Coinbase introduces cbBTC.</li>   
 <li>Coinbase's cbBTC may offer a more secure option for DeFi users due to rising worries about WBTC and Justin Sun.</li> 
</ul>   
<p>Coinbase has recently announced plans to launch its own sealed coin, cbBTC, on the Base network. This comes as the crypto sector raises worries about Wrapped Bitcoin (WBTC) because of Justin Sun’s presence. The introduction of cbBTC by the company could greatly impact the distributed finance (DeFi) space.</p>   
<h2 class="wp-block-heading" id="h-coinbase-launches-cbbtc"><a href="https://cryptonewsland.com/sec-faces-opposition-from-coinbase-over-dex-regulation-proposal/" target="_blank" rel="noreferrer noopener">Coinbase </a>Launches cbBTC</h2>   
<p>Coinbase is moving forward with cbBTC to strengthen its position in the growing wrapped Bitcoin market. The company stated that cbBTC would help build a strong Bitcoin economic system on the Base network. This launch comes as skepticism around WBTC grows.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/WuBlockchain/status/1823548243323838814 
 </div>
</figure>   
<p>Coinbase’s timing suggests cbBTC may offer a more secure and efficient option.</p>   
<h2 class="wp-block-heading" id="h-community-concerns-about-justin-sun-s-role">Community Concerns About Justin Sun’s Role</h2>   
<p><a href="https://cryptonewsland.com/justin-sun-clarifies-role-in-wbtc-custody-amid-makerdaos-risk-review/" target="_blank" rel="noreferrer noopener">Justin Sun’s</a> involvement with WBTC has caused a stir in the DeFi community. After BitGo announced it would hand over control of WBTC to a joint venture with Sun and BiT Global, security concerns grew.</p>   
<p>Block Analitica Labs suggested to the MakerDAO governance forum that new WBTC debts should be closed. They also proposed stopping new borrowing against WBTC collateral due to the risks they believe Sun’s involvement brings.</p>   
<p>In response, Sun clarified that he would not have direct access to WBTC funds. He also assured the community that no operational changes would occur. Despite this, some DeFi protocols continue distancing themselves from WBTC.</p>   
<h2 class="wp-block-heading" id="h-cbbtc-s-potential-impact">cbBTC’s Potential Impact</h2>   
<p>The cbBTC launch could affect the DeFi market greatly. Coinbase’s Base network is expected to offer users lower fees and better efficiency. If cbBTC is similar to Coinbase’s Wrapped Staked ETH (cbETH), it could provide major benefits.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/USC_Baseball/status/1823596948529574154 
 </div>
</figure>   
<p>As WBTC faces growing scrutiny, cbBTC may become the preferred wrapped Bitcoin token in the DeFi space. Coinbase’s introduction of cbBTC may change the decentralized finance (DeFi) panorama considerably.</p>   
<h2 class="wp-block-heading" id="h-coinbase-launches-cbbtc-0">Coinbase Launches cbBTC</h2>   
<p>Coinbase is moving forward with cbBTC to strengthen its position in the growing wrapped Bitcoin market. The company stated that cbBTC would help build a strong Bitcoin economic system on the Base network. This launch comes as skepticism around WBTC grows.</p>   
<p>Currencies&nbsp; like WBTC enable Bitcoin holders to engage with DeFi applications on other blockchain networks. However, Sun’s involvement with WBTC has raised concerns, causing some DeFi protocols to rethink their use of WBTC. Coinbase’s timing suggests cbBTC may offer a more secure and efficient option.</p>   
<h2 class="wp-block-heading" id="h-community-concerns-about-justin-sun-s-role-0">Community Concerns About Justin Sun’s Role</h2>   
<p>Justin Sun’s involvement with WBTC has caused a stir in the DeFi community. After BitGo announced it would hand over control of WBTC to a joint venture with Sun and BiT Global, security concerns grew.</p>   
<p>In response, Sun clarified that he would not have direct access to WBTC funds. He also assured the community that no operational changes would occur. Despite this, some DeFi protocols continue distancing themselves from WBTC.</p> 
<p>The post <a href="https://cryptonewsland.com/coinbase-unveils-cbbtc-amid-concerns-over-wbtc/">Coinbase Unveils cbBTC Amid Concerns Over WBTC</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Coinbase Unveils cbBTC Amid Concerns Over WBTC

Table of Contents

Crypto News Land

Other articles published on Aug 14, 2024

Marathon Digital to Raise $250 Million to Boost Bitcoin Holdings

Begini Prediksi Harga Ethereum (ETH) Setelah Rilis Data CPI AS

Solana Memecoin New Pepe Will Skyrocket 16,000% Ahead of Exchange Listing, While DOGE and SHIB Pl...

Mt. Gox Wakes up Again With $2 Billion Transfer

Why TON Price Surged by 13% Today

Stacks Gains 40% After Decline

Join our free newsletter for daily crypto updates!