- Coinbase not too long ago shared a cryptic submit on X with a hyperlink to cbBTC.
- Whereas the submit adopted one other submit that quoted “Coming quickly,” analysts speculated concerning the launch of a packaged bitcoin.
- The event follows the latest controversy surrounding BitGo, WBTC and Justin Solar.
Coinbase's mysterious X submit has fueled hypothesis concerning the launch of a packaged bitcoin token, probably referred to as cbBTC. The American crypto platform shared a thread mentioning “cbBTC” adopted by a submit that learn “Coming Quickly”.
An hour later, Jesse Pollak, head of Coinbase's layer-2 Base community, expressed his enthusiasm for Bitcoin on X, stating that Base plans to construct a “huge Bitcoin economic system.”
This improvement has led analysts and trade specialists to take a position that Coinbase could also be getting 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 information, which got here shortly after the latest controversy surrounding BitGo and Justin Solar.
BitGo, the custodian of WBTC, has introduced plans to switch management of WBTC to a three way partnership with BiT International and Justin Solar's Tron ecosystem. Whereas some neighborhood members have raised issues about Solar's involvement, Solar has clarified that his involvement is solely strategic and that he doesn’t have entry to WBTC's non-public keys.
Additional fueling hypothesis, Coinbase has now issued a “cbBTC pre-registration”. The neighborhood responded positively, with a number of suggesting that Coinbase was attempting to dominate the Bitcoin market. Pollak's submit additionally obtained encouraging responses, indicating help for the potential launch of cbBTC.
Particularly, WBTC is a tokenized model of Bitcoin constructed on the Ethereum blockchain that complies with ERC-20 requirements. If the hypothesis is confirmed, Coinbase's cbBTC would seemingly be one other tokenized Bitcoin, however within the Base ecosystem.
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