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- Coinbase has lately shared a mysterious submit on X, citing cbBTC.
- Whereas the submit adopted one other submit, which quoted “Coming quickly,” analysts speculated the launch of a wrapped Bitcoin.
- The event follows the latest controversy surrounding BitGo, WBTC, and Justin Solar.
A cryptic X submit by Coinbase has ignited hypothesis concerning the launch of a wrapped Bitcoin token, probably referred to as, cbBTC. The US-based crypto platform shared a thread mentioning “cbBTC,” adopted by a subsequent submit saying, “Coming quickly.”
An hour later, Jesse Pollak, the top of Coinbase’s layer-2 community Base, expressed his enthusiasm for Bitcoin on X, stating that Base plans to construct a “huge Bitcoin economic system.”
These developments have led analysts and business consultants to invest that Coinbase could also be making ready to launch its personal wrapped Bitcoin token, cbBTC, to compete with BitGo’s Wrapped Bitcoin (WBTC). This hypothesis is fueled partly by the timing of Coinbase’s cryptic messages, which got here shortly after the latest controversy surrounding BitGo and Justin Solar.
BitGo, the custodian behind WBTC, had introduced plans to switch management of WBTC to a three way partnership with BiT International and Justin Solar’s Tron ecosystem. Whereas some locally have expressed considerations about Solar’s involvement, Solar has clarified that his participation is only strategic and that he has no entry to WBTC’s personal keys.
Additional fueling the hypothesis, Coinbase has now launched a “cbBTC pre-launch registration.” The group has responded positively, with just a few suggesting that Coinbase is aiming to dominate the wrapped Bitcoin market. Pollak’s submit has additionally obtained encouraging responses, indicating assist for the potential cbBTC launch.
The WBTC is notably a tokenized model of Bitcoin constructed on the Ethereum blockchain, compliant with the ERC-20 requirements. If the hypothesis proves true, Coinbase’s cbBTC would probably be one other tokenized Bitcoin, however on the Base ecosystem.
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