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Coinbase’s actions, due to its volume, are known to hold significant weight in the market. A recent post by Coinbase created excitement and caught the attention of Bitcoin followers.
Important Move from Coinbase
Some market followers speculated that Coinbase might be teasing the launch of a new product called “cbBTC”, while others believe it is possible. Many commentators think the US-based crypto exchange could launch its own Wrapped Bitcoin token.
In a recent post on X, the official Coinbase account shared “cbBTC” and later commented “soon” on the original post.
A few hours later, in another X post, Jesse Pollak, head of Coinbase’s layer-2 network Base, expressed his interest in Bitcoin and said Base would build a “massive Bitcoin economy” on its network, increasing the excitement.
Coinbase and Pollak’s cryptic posts about cbBTC came just days after discussions involving BitGo, the entity behind Wrapped Bitcoin (WBTC), and Tron Founder Justin Sun, making the situation more intriguing.
On August 9, BitGo announced plans to transfer control of WBTC to a joint venture consisting of itself, Hong Kong-based investment manager BiT Global, and Sun’s Tron ecosystem.
Given its position in the crypto world, many participants in the decentralized finance (DeFi) ecosystem expressed concerns about Sun’s involvement in the venture and called for the withdrawal of WBTC support from major protocols.
Discussions Continue
Crypto risk management firm Block Analitica Labs (BA Labs) published a critical proposal on MakerDAO’s governance forum on August 10, suggesting the protocol should close all new wBTC loans and prevent new borrowing against WBTC collateral.
BA Labs stated:
We believe Sun’s control stake in the new WBTC joint venture poses an unacceptable level of risk.
BitGo CEO Matt Belshe approached the issue from another angle. He stated that the controversy was far from the truth, calling it a “reaction to the name Justin Sun” and assured there were no security issues. Belshe emphasized that WBTC security protocols were not at risk and that things would continue as they are regardless of Sun’s involvement.
