Yahya 
Coinbase has hinted about the forthcoming launch of a new product dubbed “cbBTC” which would raise questions about the possible release of a wrapped Bitcoin unit by the American-based bitcoin exchange.
The official X account of Coinbase on Aug. 13 issued a weird tweet with only one word: “cbBTC” then a remark pointing “coming soon.” The kind of the product has attracted a lot of discussion in the bitcoin space; many believe it to be a wrapped Bitcoin token.
Speculation Amid Controversy Surrounding Wrapped Bitcoin
The narrative revolves around BitGo, the firm behind Wrapped Bitcoin (WBTC), which not too recently revealed a new joint venture with Justin Sun, Tron creator. Sun’s involvement created a conversation within the distributed finance (DeFi) community.
A few DeFi members have expressed worries about the developments, which has led to requests for significant actions meant to eradicate WBTC support. Regarding Sun’s “unacceptable level of risk,” Blockchain risk management company Block Analitica Labs (BA Labs) advised on MakerDAO’s governance forum to cancel all new WBTC loans and limit new borrowing against WBTC collateral.
BitGo CEO Matt Belshe said WBTC’s security policies are the same and dismissed these worries as overreaction to Sun’s image rather than real issues. Sun also discussed the matter stressing that his employment does not provide him direct access to WBTC money.
The mysterious remark made by Coinbase has introduced even another level of confusion to the current debates around wrapped Bitcoin and motivated the community to find out what cbBTC would provide.
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