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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Sky Adviser Recommends Halting Wrapped Bitcoin Offboarding

September 25, 2024 Bitcoin.com

BA Labs

BA Labs, an adviser to Sky, formerly known as Makerdao, has decided to stop recommending any additional parameter changes regarding the offboarding of wrapped bitcoin (WBTC) collateral. The move follows statements from Bitgo’s CEO Mike Belshe and a vote from Sky community members. Sky Adviser BA Labs Recommends Pausing WBTC Offboarding Changes BA Labs’ decision […]

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Sky rethinking plan to offboard WBTC after discussion with BitGo CEO

September 25, 2024 Coin Telegraph

BitGlobal

BA Labs, adviser to DeFi lender Sky, says concerns about Justin Sun’s role in Wrapped Bitcoin custody are resolved. A new vote is set for Oct. 3.

Decentralized finance (DeFi) pioneer Sky, formerly Maker, is reconsidering its plan to offboard Wrapped Bitcoin (WBTC) as collateral for its lending protocol after receiving a new recommendation from one of its key advisers, BA Labs.

On Sept. 24, BA Labs recommended pausing the WBTC offboarding plan following a lengthy conversation with BitGo co-founder Mike Belshe on Sky’s governance forum.

The move follows BitGo’s clarifications about changes in management or custody of WBTC, control of the signing keys, and commitment to give advance notice of changes.

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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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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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Coinbase Launches Wrapped Bitcoin for Ethereum and Base Networks

September 13, 2024 Bitcoin.com

BASE

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, […]

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DeFi protocol Threshold proposes Bitcoin wrapper merger to ‘save WBTC’

August 30, 2024 Coin Telegraph

BiT Global

The proposal would effectively transfer control of WBTC to Threshold.

Bitcoin (BTC) decentralized finance (DeFi) protocol Threshold is proposing to merge its own BTC “wrapper” token, tBTC, into Wrapped Bitcoin (WBTC) in a bid to “save WBTC” following concerns about an impending change in control of the popular BTC wrapper, according to an Aug. 29 proposal in Threshold’s governance forum.

On Aug. 9, BitGo — the cryptocurrency custodian holding the Bitcoin backing WBTC — announced a planned partnership with BiT Global, a Hong Kong-based crypto exchange. Per the partnership, which aims to diversify WBTC’s United States-centric footprint, BiT Global is expected to gain partial control of the multisignature wallet custodying WBTC’s Bitcoin backing.

“This announcement has proven controversial due to the involvement of Justin Sun, with many in the ecosystem, expressing concern over his ‘affiliated projects show worrying signs of possible misappropriation’ of collateral,” Threshold’s proposal said.

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Save WBTC: Threshold Network Proposes Sweeping Changes to Wrapped Bitcoin Custody

August 29, 2024 Bitcoin.com

bitcoin.com

Threshold Network has proposed a plan to enhance the stability and security of Wrapped Bitcoin (WBTC) by replacing its centralized custody model with Threshold’s decentralized system. This move comes in response to recent concerns within the decentralized finance (defi) ecosystem over the current custody arrangements for WBTC. Threshold Network Proposes Decentralized Custody Model for WBTC […]

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Coinbase Hints at the Launch of Its Wrapped Bitcoin Alternative on Base

August 15, 2024 Bitcoin.com

BASE

Coinbase, one of the largest U.S.-based cryptocurrency exchanges, has hinted at the launch of its own wrapped bitcoin alternative, cbbtc. On X, Coinbase posted the currency name, followed by another post stating that it was coming soon. Jesse Pollak, the creator of Base, Coinbase’s incubated L2, declared that they were “going to build a massive […]

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