November 11, 2024 at 07:00 PM GST updated: November 11, 2024 at 05:53 PM 5 mins read Press Release The push for greater integration between traditional finance and digital assets intensifies, and new solutions are shaping the way users interact with cryptocurrencies. Coinbase’s bitcoin-backed cbBTC token on Solana aims to rejuvenate the DeFi scene following…
Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His…
Kraken has introduced a new wrapped Bitcoin product, kBTC, to tap into the rapidly expanding sector, according to an Oct. 17 statement. kBTC is a fully-backed, cross-network-compatible ERC-20 token representing Bitcoin. Each kBTC is backed 1:1 by an equivalent amount of Bitcoin, stored securely in Kraken’s custody, with on-chain reserves available for public verification. The…
It’s been 48 days since Bitgo revealed its partnership with Bit Global on Aug. 9, 2024. Since that announcement, the supply of wrapped bitcoin (WBTC) held on Aave V3 has soared to a new peak. Meanwhile, cbBTC, the bitcoin derivative token from Coinbase, has hit a market cap of $247.8 million. Bitcoin Derivative Landscape Shifts…
21.co, the parent company of asset management firm 21Shares, has integrated Chainlink Proof of Reserve on the Ethereum and Solana mainnet to bolster transparency of its wrapped Bitcoin product, 21BTC, according to a Sept. 23 statement. The company will use Chainlink’s Proof of Reserve through its digital asset platform, Onyx, to automate real-time reserve verification to…
Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms…
Coinbase will launch its cbBTC token on Solana, enhancing DeFi activity on the blockchain. The $BONK ETP meme coin is entering the U.S. market, appealing to seasoned investors and newcomers. Hassan Ahmed, Country Director of Coinbase, announced at Solana Breakpoint 2024 held on September 20-21 in Singapore, that Coinbase plans to introduce its native cbBTC…
September 21, 2024 at 07:43 AM GST 2 mins read News Wrapped BTC reached an ATH in activity despite the recent release of Coinbase’s cbBTC. The introduction of cbBTC has led to debates about security, proof of reserves, and blacklisting within the crypto community. WBTC remains dominant in DeFi platforms and exchanges, providing Bitcoin stability….
This week, Cryptoquant researchers highlighted a new rivalry heating up in the wrapped bitcoin market, with Coinbase’s cbBTC stepping up to challenge Bitgo’s long-established reign. Coinbase’s Wrapped Bitcoin Token cbBTC Shakes Up Market Coinbase introduced its wrapped bitcoin token, cbBTC, in mid-September 2024, and it has swiftly expanded to a supply of 1,670 cbBTC, according…
Coinbase has come under scrutiny regarding the transparency of its cbBTC, a newly introduced wrapped Bitcoin product on the network. BlackRock’s role in Coinbase’s cbBTC project has been cited as one of the elements that could help regain the confidence. BlackRock Involvement Boosts Trust in cbBTC Amid Skepticism As noted by Bloomberg senior ETF analyst…
Coinbase has firmly denied claims that it provided BlackRock with special borrowing privileges for Bitcoin. The controversy began when Tyler Durden claimed Coinbase gave Bitcoin IOUs to BlackRock, which could affect Bitcoin prices. The world’s second-largest crypto exchange, Coinbase, has denied allegations that it granted BlackRock, the world’s largest asset manager, special privileges to borrow…
Coinbase’s newly launched wrapped Bitcoin product, cbBTC, has seen rapid adoption within its first 24 hours, with a market capitalization nearing $100 million. Data from Dune Analytics shows the circulating supply of cbBTC has reached 1,720 tokens, valued at $99.8 million. Of this, 43% is on Base, while 57% resides on Ethereum. Coinbase cbBTC Supply…
Coinbase has unveiled Coinbase Wrapped Bitcoin (cbBTC), giving users a gateway to decentralized finance (defi) apps on Ethereum and Base, using bitcoin (BTC). The cbBTC token is essentially a wrapped version of bitcoin, fully backed by BTC held in Coinbase’s custody. Coinbase Wrapped Bitcoin Opens New Defi Opportunities According to the San Francisco-based crypto exchange,…
Coinbase has officially launched its wrapped Bitcoin token, cbBTC, on its layer-2 network, Base, and Ethereum mainnet, according to a Sept. 12 statement. The new product comes around a month after Coinbase teased it on the social media platform X. cbBTC According to Coinbase, cbBTC is an ERC-20 token fully backed by Bitcoin and custodied…
Aave DAO has received a proposal to integrate Coinbase’s upcoming Bitcoin wrapper, cbBTC, into its V3 platform on the Ethereum mainnet and Base. In a Sept. 10 post, Aave’s founder, Stani Kulechov, explained that the proposal aimed to position Aave as the preferred platform for launching Tier-1 assets. Proposal details The proposal seeks to expand…