Justin Sun's potential influence on Wrapped Bitcoin (WBTC) has sparked discussion about its future. The recent
changes in WBTC's custody arrangement has sparked a variety of reactions, including redemption outpacing minting and DeFi moves. Meanwhile, WBTC's market rivals, including Coinbase's cbBTC, are vying for a share of the $9bn WBTC market. Amid concerns, cryptocurrency exchange,
Coinbase, launched its own wrapped Bitcoin service, cbBTC, positioning it as competition for WBTC. Concurrently, BitGo's CEO argued that WBTC's security remains despite changed custody arrangements. The Threshold Network suggested
sweeping changes to WBTC's custody to 'save WBTC,' following concerns about BitGo's trustworthiness. Concerns and controversy have prompted some protocols, like the DeFi lending protocol Sky, to consider dropping wrapped Bitcoin. Amidst all this, an unknown crypto whale has been buying large quantities of WBTC. Despite all the controversy,
BitGo maintains that its WBTC security is intact and separates itself from any influence by Justin Sun. In response to these developments,
Coinbase has hinted at the introduction of a wrapped Bitcoin product dubbed cbBTC, likely to compete with WBTC.
WBTC Coin News Analytics from Tue, 17 May 2022 07:00:00 GMT to Wed, 23 Oct 2024 07:00:00 GMT -
Rating 2
- Innovation -6
- Information 5
- Rumor 3
