Synthetix launches multi-collateral perps on Base amid revamp

December 19, 2024 Coin Telegraph

Arbitrum

The DeFi protocol also launched an in-house perpetuals trading app.

Decentralized finance (DeFi) protocol Synthetix has begun accepting multiple token types as collateral for leveraged perpetuals trading on Coinbase’s Base network, Synthetix said on Dec. 18.

Launching so-called “multicollateral perps” on Base, one of Ethereum’s most popular layer 2 (L2) scaling networks, is part of a broader revamp of the DeFi protocol after a governance shakeup in October.

Adding multi-collateral perps will allow users to post tokens such as Coinbase Wrapped BTC (cbBTC) and Coinbase Wrapped ETH (cbETH) as trading collateral, Synthetix said.

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Wrapped Bitcoin Custodian BiT Global Sues Coinbase After November WBTC Delisting

December 14, 2024 The Daily Hodl

BiT Global

New court documents show that BiT Global, a custodian of Wrapped Bitcoin (wBTC), is suing Coinbase after the top US-based crypto exchange delisted wBTC in November. In a new complaint, BiT Global accuses Coinbase of using wBTC – the tokenized representation of Bitcoin (BTC) on the Ethereum (ETH) blockchain – as a “cash grab” before […]

The post Wrapped Bitcoin Custodian BiT Global Sues Coinbase After November WBTC Delisting appeared first on The Daily Hodl.

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Coinbase to delist WBTC

November 19, 2024 Coin Telegraph

Bitcoin

Coinbase has already discontinued market trading of WBTC and is only facilitating limit orders.

Coinbase will be suspending trading of Wrapped Bitcoin (WBTC) in December, citing undisclosed failures to meet the cryptocurrency exchange’s standards for listing tokens, Coinbase said.

“We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent review, Coinbase will suspend trading for wBTC (wBTC) on December 19, 2024, on or around 12pm ET,” Coinbase said in a Nov. 19 post on the X platform.

Coinbase has already discontinued market trading of WBTC and is only facilitating trades in in the form of limit orders.

MEXC Research: Top 10 Memecoins to Watch in 2024

Coinbase wrapped Bitcoin deploys on Solana, aimed at growing DeFi market

November 8, 2024 Coin Telegraph

cbBTC

The deployment will allow users to utilize Bitcoin in Solana’s burgeoning DeFi ecosystem, according to Coinbase.

America’s largest cryptocurrency exchange, Coinbase, has deployed its version of wrapped Bitcoin on the layer-1 blockchain Solana as it seeks to expand the adoption of the asset in decentralized finance (DeFi).

“This is the first token Coinbase has issued on Solana, and with it, we’re excited to bring easy access to BTC,” the company said in a post on X announcing the deployment on Nov. 7.

Coinbase added that cbBTC will take the form of a Solana Program Library (SPL) token, a Solana-based token that can represent both fungible and non-fungible assets.

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Coinbase Teases Coinbase Wrapped Bitcoin (cbBTC) Expansion to Ethereum (ETH) Rival Arbitrum (ARB)

September 27, 2024 The Daily Hodl

Altcoins

Top US-based crypto exchange Coinbase is teasing its new wrapped version of Bitcoin (BTC) to Ethereum (ETH) layer-2 scaling solution Arbitrum (ARB). In a new announcement on the social media platform X, Coinbase Assets tells its audience that Coinbase Wrapped Bitcoin (cbBTC) is “coming soon” to the smart contract platform Arbitrum. Earlier this month, Coinbase […]

The post Coinbase Teases Coinbase Wrapped Bitcoin (cbBTC) Expansion to Ethereum (ETH) Rival Arbitrum (ARB) appeared first on The Daily Hodl.

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WBTC Hits New High on Aave, Coinbase’s Wrapped Bitcoin Supply Soars

September 27, 2024 Bitcoin.com

Aave V3

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 […]

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Wrapped Bitcoin supplied on Aave hits record high despite backing fears

September 26, 2024 Coin Telegraph

21btc

WBTC is still the most popular Bitcoin wrapper, with nearly $10 billion in TVL, according to DefiLlama.

Wrapped Bitcoin (WBTC) supplied on decentralized lending platform Aave hit an all-time high despite anxieties around the Bitcoin (BTC) wrapper’s backing, according to data from Dune Analytics.

Aave’s WBTC supply on the Ethereum network broke 37,000 in September, or more than $2 billion at current prices, according to Dune.

The record-breaking total value locked (TVL) on Aave follows a wave of skepticism among cryptocurrency retail investors about the safety of the underlying spot Bitcoin backing WBTC.

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21.co’s Bitcoin wrapper to add Chainlink proof of reserve

September 23, 2024 Coin Telegraph

21.co

The integration comes as other Bitcoin wrappers face scrutiny for custody practices.

21.co, the parent company of cryptocurrency asset manager 21Shares, announced on Sept. 23 that it is adding Chainlink’s proof of reserve to 21BTC to address potential concerns about the Bitcoin (BTC) wrapper’s backing.

Integrating proof of reserves into 21BTC on Ethereum and Solana “protects against malicious minting by embedding cryptographic guarantees that new tokens minted are backed by reserves,” 21.co said.

The announcement follows a wave of skepticism among cryptocurrency retail investors about the safety of the underlying spot BTC backing Bitcoin wrappers including Wrapped Bitcoin (WBTC) and Coinbase Wrapped BTC (cbBTC).

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Coinbase New Wrapped Bitcoin (cbBTC) Coming to Solana, Says Crypto Exchange’s Executive

September 23, 2024 The Daily Hodl

Altcoins

Top US-based crypto exchange Coinbase says its wrapped version of Bitcoin (BTC) is coming to the smart contract platform Solana (SOL). In a session during the Solana Breakpoint 2024 event, Coinbase executive Hasan Ahmed says the crypto exchange is introducing Coinbase Wrapped Bitcoin (cbBTC) to the Ethereum (ETH) competitor’s blockchain. “We recently launched cbBTC on […]

The post Coinbase New Wrapped Bitcoin (cbBTC) Coming to Solana, Says Crypto Exchange’s Executive appeared first on The Daily Hodl.

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Coinbase chief legal officer responds to cbBTC service terms fears

September 22, 2024 Coin Telegraph

Bitcoin

Coinbase's cbBTC is backed at a 1:1 ratio with Bitcoin, which serves as the underlying asset for the tokenized BTC wrapper.

Coinbase chief legal officer Paul Grewal responded to recent fear, uncertainty, and doubt (FUD) surrounding the user terms of service for Coinbase's newly launched cbBTC "wrapped Bitcoin" product — confirming that Coinbase would fully reimburse clients in the event the exchange loses the underlying Bitcoin (BTC).

The clarification came after one individual highlighted what they believed to be a troubling provision within the cbBTC user agreement — claiming that Coinbase would not reimburse customers the full amount of Bitcoin lost due to malicious activity or unforeseen events, but would instead give clients a "proportional share of whatever BTC is left."

Source: Pledditor.

cbBTC

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