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Coinbase has announced plans to launch cbBTC, a wrapped version of Bitcoin, on its Base network

Coinbase gears up to make a play for the tokenized Bitcoin market amid uproar over WBTC's management change.

TL;DR Swell launches swBTC, a liquid restaking token that allows Bitcoin users to earn yields by depositing Wrapped Bitcoin (wBTC) into the Ethereum network. swBTC employs restaking, adapting the use of ETH as collateral to secure other chains, with yields expected to be available from mid-September.

Community reacts to Coinbase move, as the latter challenges WBTC's dominance.

Coinbase will be up against Wrapped Bitcoin, which already has "a strong moat against new entrants,” an analyst told Decrypt.

Users can deposit their wBTC to get swBTC in return, with yield expected to start flowing from mid-September – as part of a blockchain "restaking" scheme ultimately designed to secure protocols in the Ethereum blockchain ecosystem.

Coinbase appears poised to enter the wrapped Bitcoin market following recent disclosures from the firm. On Aug. 13, Coinbase's official X (formerly Twitter) account teased an upcoming product with a post saying “cbBTC,” followed by “coming soon.

Coinbase indicated plans for a cbBTC against the backdrop of Wrapped Bitcoin (WBTC), which has become controversial in crypto.

The US-based crypto exchange Coinbase has hinted at the launch of a new product tagged cbBTC through a post on their X page.

Tweets from the crypto exchange and Jesse Pollack, the creator of Base, suggest cbBTC could run on the layer-2 blockchain.

Coinbase has set the crypto community abuzz with speculation following a cryptic hint about a potential new wrapped Bitcoin product, tentatively called “cbBTC.” The news came courtesy of an Aug.

Coinbase's potential wrapped Bitcoin token could reshape DeFi dynamics, offering a new alternative amid existing WBTC controversies. The post Coinbase hints at possible wrapped Bitcoin token launch appeared first on Crypto Briefing.

Speculators think the post refers to Coinbase's own wrapped Bitcoin product, which will potentially be launched on its layer-2 network Base.

Crypto exchange Coinbase is all set to expand its footprint in the Bitcoin ecosystem by teasing the launch of cbBTC which could be a potential rival to the Wrapped Bitcoin WBTC token. Interestingly, the crypto exchange announces cbBTC at a time when concerns regarding Justin Sun's involvement with the WBTC token have grown.

The recent announcement of the custody change of WBTC, a wrapped version of bitcoin, has prompted a negative reaction in decentralized finance (defi) protocols that reject Justin Sun's disclosed relation with the project.

MakerDAO is evaluating whether to halt the minting of its DAI stablecoin using Wrapped Bitcoin (WBTC) as collateral.

The collaboration was described as a strategic partnership between BitGo, the Tron ecosystem, and Justin Sun

BitGo CEO dismisses claims that Justin Sun's involvement in its Wrapped Bitcoin business will somehow impact its security or transparency.

BitGo's announcement of changes to its Wrapped Bitcoin (WBTC) business, including a joint venture with BiT Global and involvement of Justin Sun, has sparked debate

Crypto custody platform Bitgo is planning to move the wrapped bitcoin (WBTC) product to its joint venture with Hong Kong-based BiT Global which is triggering a backlash due to Justin Sun's involvement.

In light of Justin Suns increased role, MakerDAO is reviewing its risk management practices as BitGo plans to transfer WBTC custody to a joint venture with BiT Global within the next 60 days. MakerDAO Reconsiders WBTC Debt Ceilings An important participant in the decentralized finance (DeFi) space, MakerDAO, is now analyzing how the impending changes to Wrapped Bitcoins (WBTC) custody would affect its risk management system.

BitGo recently announced a new venture to diversify its Wrapped Bitcoin custodial locations, and Justin Sun's involvement has caused concern for some.

BitGo's CEO responded to controversy surrounding Tron founder Justin Sun's involvement in a new partnership that will safeguard Wrapped Bitcoin.

BA Labs on MakerDAO wants the Maker protocol to limit exposure to wrapped Bitcoin (WBTC). The recommendation follows the news that WBTC issuer BitGo will partner with BitGlobal to transfer WBTC control to a new joint venture involving Tron founder Justin Sun.