The Coinbase exchange posted a mysterious tweet from the X account yesterday evening and wrote ‘cbBTC’. A few hours after this tweet, a separate tweet saying ‘Soon’ was tweeted.

While Coinbase users and followers were trying to understand what these tweets meant, the clue came from Base founder Jesse Pollak. Pollak tweeted, ‘To say it out loud: I love bitcoin, I am so grateful for its role kickstarting crypto, and we’re going to build a massive bitcoin economy on base,’ he said.

It was scary that Justin Sun came

cbBTC is certain to be an alternative to wrapped Bitcoin. Coinbase’s move comes at a time when there are discussions about WBTC. As it will be remembered, BitGo, one of the largest custodians of WBTC, announced on 9 August that it would transfer WBTC custody activities to a consortium including itself.

This group consisted of Tron, founded by Justin Sun, and BIT Global, an investment company of BitGo in Hong Kong. The crypto world, on the other hand, was sceptical about the involvement of Justin Sun, one of the less trusted names. As a result, BitGo wanted to take WBTC’s custody activities outside the US.

MakerDAO and AAVE, the major DeFi credit protocols that hold significant amounts of WBTC, are currently implementing a ‘wait and see’ tactic. BA Labs, MakerDAO’s risk management unit, also allegedly wants to take WBTC out of the protocol.
In both protocols, a significant proportion of collateral is in WBTC.