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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.

The token will initially be offered on Ethereum and Coinbase's Base networks, with plans to expand to more blockchains in the coming months.

This token is backed 1:1 by Bitcoin held securely by Coinbase, which brings a new level of utility to Bitcoin holders. Initially, cbBTC will be supported on the Base and Ethereum networks, with plans to expand to additional chains in the future.

Coinbase is rolling out cbBTC — Coinbase Wrapped BTC — an ERC20 token backed 1:1 by Bitcoin, which Coinbase holds. According to a press release shared with crypto.news, the cbBTC token is now available on Base and Ethereum (ETH).

The leading exchange puts forward cbBTC as a formidable new option in the DeFi space.

Coinbase's launch of cbBTC could significantly enhance Bitcoin's integration into DeFi, fostering a more interconnected and efficient financial ecosystem. The post Coinbase debuts Wrapped Bitcoin on Ethereum and Base appeared first on Crypto Briefing.

The exchange announced that cbBTC is now available in the United Kingdom, Australia, Singapore, and all US states except New York.

The Aave community is currently considering supporting Coinbase's upcoming Bitcoin wrapper, cbBTC, in its V3 protocol.

Bitcoin faces liquidation risks near $50K, but historical trends suggest a potential price rebound.

The DeFi lending platform could add support for a much-anticipated token from a leading exchange.

TL;DR WBTC Native Expansion: BitGo Launches Wrapped Bitcoin on Avalanche and BNB Chain Using LayerZero's Omnichain Fungible Token Standard. Decentralized Verifier Network: WBTC will feature a 1-of-2-of-3 setup, with BitGo as the primary verifier and LayerZero Labs and Polyhedra as optional verifiers.

A cryptocurrency whale is currently looking at a potential liquidation of around $28 million worth of the flagship cryptocurrency tokenized on another network in the form of Wrapped Bitcoin (WBTC). According to on-chain analytics firm Lookonchain, the cryptocurrency whale could see its 488.