Coinbase Enters the Bitcoin DeFi Chat
Coinbase teases cbBTC days after WBTC makes big changes
Hi Bitcoin Builders,
Coinbase has entered the Bitcoin DeFi chat. Coinbase teased that they were planning to develop a new wrapped Bitcoin product called Coinbase BTC (cbBTC).
Like it or not, when Coinbase enters the conversation, the crypto community listens.
If Coinbase launched a wrapped Bitcoin (likely on Base), it would bring more liquidity and users to Bitcoin. As Coinbase is one of the most popular exchanges, exchange liquidity could easily make its way to cbBTC. Muneeb Ali from Stacks and Trust Machines writes more.
Coinbase announced its Bitcoin intentions days after BitGO, the custodian of WBTC, announced it was entering an agreement with BiT Global. In short, the deal gives Justin Sun and the Tron Ecosystem more control over the WBTC assets.
Layer 1 and Meta Protocols
Here’s an OP_CAT information dump by Chris Spears. Read more. Bookmark this tweet.
Layers
Fractal Bitcoin, a new Bitcoin sidechain, launches on public testnet. Here’s a summary by Bob Bodily.
Stablecoins on Bitcoin are less than 0.1% of the total stablecoin market.
Forbes publishes a Bitcoin L2 overview post: The Bitcoin Renaissance: Unlocking Trillions In Value.
There have been 80+ Bitcoin Layer projects announced. 30+ of them are built on the EVM, according to Bitcoin Layers.
Reminder: We need decentralized wrapped BTC assets. BitGo announced that it will transfer control of WBTC to the “world’s first multi-jurisdictional and multi-institutional custody” via a joint venture with BiT Global.
Other
Marathon Digital (a public Bitcoin miner) is following the Saylor playbook. They issued $250M in debt to buy Bitcoin.