Cryptocurrency exchange Coinbase has announced the launch of a new product called cbBTC. The community has suggested that this is a wrapped bitcoin that will be available on the second-layer Base network.
cbBTC.
— Coinbase 🛡️ (@coinbase) August 13, 2024
It should be noted that the company did not disclose details regarding the project. The launch dates are also unknown.
However, in the comments under the Coinbase post, there is a message from the official account of the L2 solution Base. It says the following: “Based”.
In addition, amid the announcement from the exchange, Base founder Jesse Pollack stated the following:
Given all this, the community has speculated that Coinbase is planning to issue a Bitcoin-based token. An example of such an asset is WBTC. This is an ERC-20 token whose value is pegged to Bitcoin at a one-to-one ratio.
WBTC enables the use of the first cryptocurrency in the DeFi segment. The issuer of this asset is BitGo.
Notably, Coinbase’s announcement came amid the WBTC scandal. Earlier in August, the company announced on a partnership with BiT Global, which will create a joint venture to manage the project.
It will also feature TRON founder Justin Sun, which is what has drawn criticism from the crypto community, despite assurances of the latter in that its role is purely strategic.
Stay up to date! Subscribe to World Stock Market on Telegram.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
