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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.

TL;DR Sky proposes to withdraw WBTC from its loans and collateral due to risks associated with BitGo's custody of the asset. The recent redistribution of BitGo's multi-sig keys to third parties has raised concerns about the security of the underlying BTC.

Coinbase's cbBTC could significantly boost DeFi activities but raises concerns about centralization and security risks in decentralized finance. The post Coinbase Wrapped Bitcoin hits $100M market cap appeared first on Crypto Briefing.

Sky, formerly known as MakerDAO, will implement a multi-step program to unwind WBTC from its Sky Lend and legacy vaults. On October 8, BitGo will transfer custody of the underlying BTC to BitGlobal, raising concerns about counterparty risk.

James Fickel reduces ETH/BTC exposure, swaps 5K ETH for WBTC. Fickel faces $38.5M loss after aggressive ETH/BTC trades.

BitGo, the firm behind WBTC, announced last week that it would become a minority shareholder in its own project, while Justin Sun and BiT Global will be the majority stakeholders.

If approved, the proposal could affect $200 million in DeFi loans within Sky's ecosystem, making it a significant move for the platform.

Sky, formerly MakerDAO, is evaluating the removal of Wrapped Bitcoin from SparkLend over concerns about its ties to Justin Sun.

Tron founder Justin Sun has launched an attack on Coinbase's recently launched variant of wrapped Bitcoin, cbBTC.

The team behind Sky, formerly Maker, wants to drop WBTC due to what it claimed were recent changes in ownership and control “likely involving Justin Sun or affiliates.”

Sky is considering a proposal to completely eliminate wrapped Bitcoin from its ecosystem due to concerns over custody and control.

BTC price trajectory has been a subject of intense scrutiny lately, particularly due to recent developments involving a major crypto whale. This whale is on the brink of a significant liquidation event involving Wrapped Bitcoin (WBTC) worth $28 million.

The action could impact $200 million of DeFi loans in the Sky ecosystem should the proposal pass.

Top US-based crypto exchange platform Coinbase is announcing the launch of Coinbase Wrapped Bitcoin (cbBTC), a Bitcoin (BTC)-backed Ethereum (ETH)-based token.

The TRON founder's connection to WBTC has driven interest in alternatives, and Sun is not a fan.

Coinbase has unveiled Coinbase Wrapped Bitcoin (cbBTC), giving users a gateway to decentralized finance (defi) apps on Ethereum and Base, using bitcoin (BTC). The cbBTC token is essentially a wrapped version of bitcoin, fully backed by BTC held in Coinbase's custody.

Coinbase's launch of its wrapped Bitcoin, cbBTC, on the Base Network, is barely 24 hours old but is already causing some ruckus. Tron founder Justin Sun has a long list of concerns about the new product and has taken X to voice some of them.

Coinbase is moving forward with the launch of cbBTC, an ERC-20 tokenized bitcoin that will go live on Base and other Ethereum ecosystems.

TL;DR Coinbase has launched cbBTC, a new version of Wrapped Bitcoin available on Ethereum and Base since September 12, 2024. cbBTC is an ERC-20 token backed 1:1 by Bitcoin and will be compatible with DEXs like Aerodrome and Curve, as well as lending protocols like Aave and Compound.

Coinbase, one of the largest and most respected cryptocurrency exchange platforms in the world, has recently introduced its version of Wrapped Bitcoin, called cbBTC. This new tool has been developed to bring the potential of Bitcoin into the growing ecosystem of decentralized finance (DeFi) on Ethereum and Base, the Layer 2 blockchain developed by Coinbase.

The Coinbase Wrapped Bitcoin will operate as an ERC20 token backed 1:1 with BTC held by the exchange on behalf of the users.

Coinbase launched its own version of wrapped bitcoin on Thursday after teasing the WBTC alternative in August.

The exchange plans to add support for other chains in the future.