- Coinbase launches cbBTC on Solana, allocating $10M to protocols and $500K for liquidity reserves.
- Coinbase delists wBTC citing listing standards amid scrutiny over BitGo’s ties to Justin Sun’s BiT Global.
- Transparency issues and lack of proof-of-reserves fuel debate over Bitcoin-wrapped tokens cbBTC and wBTC.
The battle for dominance in the Bitcoin-wrapped token space intensified as Coinbase endorsed its own product, cbBTC, while delisting Wrapped Bitcoin (wBTC).
Coinbase’s cbBTC: Expanding to Solana
Coinbase recently introduced cbBTC, its Bitcoin-wrapped token to the Solana blockchain. This integration will allow users to send Bitcoin to Coinbase, receive cbBTC in their Solana wallets, and trade it within Solana’s growing DeFi protocols.
Read also : Justin Sun Explains the Limits of His Influence on WBTC
Additionally, Coinbase allocated $10 million worth of cbBTC to Solana protocols and an additional $500,000 in trading pools to increase liquidity.
However, questions remain about the transparency and security of cbBTC, given criticisms of the token’s lack of proof-of-reserves and audit processes.
wBTC Delisting
Conversely, Wra…
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