Launch of cbBTC, WBTC competitor, sparks Justin Sun hypocrisy
Coinbase has decided to take advantage recent controversies surrounding WBTC’s decision to involve Justin Sun to launch its own wrapped bitcoin project, Coinbase Wrapped BTC (cbBTC). This new token is offered on both Ethereum and Coinbase’s own Base network. Coinbase will treat it as equivalent to normal BTC in its orderbooks, and Coinbase users can obtain cbBTC by withdrawing Bitcoin on either Ethereum or Base, and it will be automatically converted. Coinbase’s website says that this asset can already be used across the Decentralized Finance (DeFi) ecosystem, including Aerodrome, Curve, Aave, Compound, Spark, and more. CoinMarketCap indicates that the current marketcap for this token is approximately $100 million. cbBTC, WBTC, and Bitcoin-on-Tron How involved is Justin Sun with WBTC’s new custodian BiT Global? Read more: MakerDAO disables WBTC borrows after Justin Sun involvement revealed cbBTC competitor WBTC has attracted additional scrutiny...