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Decentralized finance pioneer Sky, previously known as Maker, is revisiting its decision to offboard Wrapped Bitcoin (WBTC) as collateral in its lending protocol.
BA Labs, an advisor to DeFi lender Sky, says its concerns with Tron founder Justin Sun's involvement in the custody of the Wrapped Bitcoin token have been addressed and new recommendations will be put to a vote on Oct. 3.
BA Labs, adviser to DeFi lender Sky, says concerns about Justin Sun's role in Wrapped Bitcoin custody are resolved. A new vote is set for Oct. 3.
An influential adviser to DeFi lender Sky, formerly known as MakerDAO, now says their concerns have been adequately addressed regarding Tron founder Justin Sun's involvement in the custody of bitcoin backing the WBTC token.
21.co, the parent company of 21Shares, has integrated Chainlink's Proof of Reserve on Solana and Ethereum to increase transparency for its Wrapped Bitcoin 21BTC.
Top US-based crypto exchange Coinbase says its wrapped version of Bitcoin (BTC) is coming to the smart contract platform Solana (SOL). In a session during the Solana Breakpoint 2024 event, Coinbase executive Hasan Ahmed says the crypto exchange is introducing Coinbase Wrapped Bitcoin (cbBTC) to the Ethereum (ETH) competitor's blockchain.
TL;DR 21.co has integrated Chainlink Proof of Reserve on the Solana and Ethereum mainnets to enhance the transparency of its Wrapped Bitcoin (21BTC). 21BTC, launched in May 2024, is a native token fully backed 1:1 by Bitcoin reserves, which are held in cold storage and under institutional custody.
Analysis of refund policies and the regulatory context.
Coinbase surprised attendees at Breakpoint 2024 by announcing plans to roll out cbBTC wrapped Bitcoin on Solana, sparking immediate enthusiasm and positioning the asset for broader use across popular blockchain networks. At the Breakpoint 2024 event, Hassan Ahmed, Coinbases country director for Singapore, recently announced intentions to bring Coinbases new cbBTCa wrapped Bitcoin assetto the Solana network.
LlamaRisk, Aave's risk service provider, has proposed reducing the loan-to-value (LTV) ratio of BitGo's Wrapped Bitcoin (WBTC) to zero on the DeFi lending platform.
Coinbase launched cbBTC on September 12, and within a week, the token has become the third-largest Wrapped Bitcoin in the market.
Wrapped Bitcoin products allow users to retain asset control while using Bitcoin as collateral for decentralized finance applications.
Sky may be the first of many to toe this path.
Sky, formerly MakerDAO, decided to remove the usage of Wrapped Bitcoin (WBTC) as collateral for borrowing through a governance vote concluded on Sept. 19. BA Labs, the former Risk Core Unit, was named stability advisor for the process.
Sky, a major DeFi lending protocol, has voted to remove wrapped Bitcoin as collateral due to concerns over its custodian's affiliation with Justin Sun
With WBTC being phased out, the protocol is now exploring alternative wrapped Bitcoin solutions.
Sky, formerly known as Maker, is divesting its wrapped Bitcoin following a community governance vote that was finalized on September 19.
The vote was passed with 88% in favor of offloading WBTC collateral from the Sky lending platform.
The matter has been closely followed in crypto markets, since the Sky platform has $200 million of loans collateralized by the token, and since WBTC is one of the biggest cryptocurrencies, with nearly $10 billion outstanding.
This week, Cryptoquant researchers highlighted a new rivalry heating up in the wrapped bitcoin market, with Coinbase's cbBTC stepping up to challenge Bitgo's long-established reign.
Crypto custodian BitGo is set to enter the stablecoin market with plans to launch a dollar-backed USDS stablecoin by 2025, according to a Sept. 18 statement.
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Coinbase recently introduced cbBTC, a wrapped version of Bitcoin designed to integrate with decentralized finance (DeFi) applications on Ethereum and Base networks. This new product aims to expand Bitcoin's utility beyond simple holding or trading, allowing users to participate in various DeFi activities without converting their Bitcoin to other cryptocurrencies.
Sky will begin removing WBTC from its SparkLend platform, with the process starting on September 26 through executive votes.
