- Coinbase’s cryptic X post hints at cbBTC, sparking speculation about a new wrapped Bitcoin token launch.
- Coinbase’s layer-2 network Base plans to build a “massive Bitcoin economy,” fueling cbBTC rumors.
- Coinbase’s cbBTC pre-launch registration has received positive community feedback, suggesting market anticipation.
Coinbase has sparked industry speculation with a cryptic post on X, hinting at the launch of a wrapped Bitcoin token potentially named cbBTC. The U.S.-based crypto platform shared a brief thread mentioning “cbBTC,” followed by a post stating, “Coming soon.” These messages have led to widespread speculation about Coinbase’s next move in the wrapped Bitcoin market.https://x.com/coinbase/status/1823501582006411614
Coinbase’s Base Network Eyes Massive Bitcoin Economy
Shortly after the cbBTC post, Jesse Pollak, head of Coinbase’s layer-2 network, Base, expressed his enthusiasm for Bitcoin on X, revealing plans to build a “massive Bitcoin economy.” This announcement has fueled further speculation that Coinbase might be preparing to launch its own wrapped Bitcoin token, cbBTC, as a direct competitor to BitGo’s Wrapped Bitcoin (WBTC).
BitGo and Justin Sun’s Involvement Raises Eyebrows
The timing of Coinbase’s cryptic messages coincides with recent controversy surrounding BitGo and Justin Sun. BitGo, the custodian behind WBTC, announced plans to transfer control of WBTC to a joint venture with BiT Global and Justin Sun’s Tron ecosystem. Although Sun clarified his role as purely strategic, the community remains concerned about his involvement, particularly regarding WBTC’s private keys.
Community Responds Positively to cbBTC Pre-launch Registration
Adding to the intrigue, Coinbase has introduced a “cbBTC pre-launch registration.” The community has reacted positively, with some suggesting that Coinbase aims to dominate the wrapped Bitcoin market. Pollak’s post has also garnered enthusiastic responses, further indicating support for the potential cbBTC launch.
One of the most popular use cases of wrapped Bitcoin tokens such as WBTC is that they enable users to access Ethereum blockchain without selling their Bitcoins. This might be a huge step within the Base ecosystem and place Coinbase as one of the formidable players in the wrapped Bitcoin market if cbBTC speculation by Coinbase is correct
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