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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DeFi Altcoin and Ethereum (ETH) Layer-2 Blockchain Both on the Rise After Coinbase Listing

September 26, 2024 The Daily Hodl

Altcoins

A decentralized finance (DeFi) project and an Ethereum (ETH) layer-2 blockchain are both surging after abruptly gaining support from Coinbase. In a new set of announcements, top US-based crypto exchange platform Coinbase says it’s adding DeFi platform Moonwell (WELL) and ZKsync (ZK), an Ethereum scaling solution, to its suite of products. According to Coinbase, customers […]

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Ethereum-Based DeFi Protocol Rallies After Coinbase Announces Support for Trading

September 25, 2024 The Daily Hodl

Altcoins

The native token of an Ethereum (ETH)-based decentralized exchange (DEX) is on the rise after being listed on the top US crypto exchange by trading volume. Coinbase listed CoW Protocol (COW) for trading on Tuesday and the token soared from $0.28 to $0.32, a gain of more than 14% while most of the markets are […]

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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 […]

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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.

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Coinbase’s cbBTC wrapped Bitcoin coming to Solana — Breakpoint 2024

September 21, 2024 Coin Telegraph

Breakpoint 2024

Wrapped Bitcoin products allow users to retain asset control while using Bitcoin as collateral for decentralized finance applications.

Coinbase's country director for Singapore, Hassan Ahmed, recently announced plans to bring Coinbase's new "cbBTC" — a wrapped Bitcoin asset — to the Solana (SOL) network at the Breakpoint 2024 event.

No date was specified for the launch of the Bitcoin (BTC) token during the announcement. Ahmed told the audience:

The Coinbase executive's announcement drew immediate applause from the Solana-centered conference — indicating an appetite for the collateralized asset.

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Judge Extends Deadline for U.S. Securities and Exchange Commission To Produce Documents in Coinbase Court Battle

September 20, 2024 The Daily Hodl

coinbase

A judge has granted the U.S. Securities and Exchange Commission’s (SEC) request for a deadline extension to produce documents related to its court battle with the crypto exchange Coinbase. The SEC first sued the exchange in June 2023 for allegedly violating securities laws, including selling unregistered securities and operating an unregistered exchange/broker agency. This summer, […]

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Layer-1 Zero-Knowledge Platform Leaps After Sudden Surprise Coinbase Listing

September 19, 2024 The Daily Hodl

Aleo

The native token of a privacy-focused zero-knowledge layer-1 blockchain is on the rise after being listed on the top US crypto exchange by trading volume. Less than 24 hours ago, Coinbase listed Aleo (ALEO) under the experimental label. “Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.” The experimental […]

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Cryptoquant: Coinbase’s cbBTC Could Challenge Bitgo in Wrapped Bitcoin Market

September 19, 2024 Bitcoin.com

Bitcoin

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 […]

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Bitcoin Taps $63K After Fed Rate Cut Sparks Market Rally

September 19, 2024 Bitcoin.com

Bitcoin

Bitcoin reached an intraday peak of $63,227 on Thursday, following the U.S. Federal Reserve’s decision to lower the benchmark interest rate by 50 basis points the previous day. The entire cryptocurrency market has gained over 5%, and in the past 24 hours, global trading volume jumped by 26.92%. Crypto Market Surges 5%, Stocks Rise, Gold […]

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