1H
-0.02%$18.15
24H
4.77%$4 132
7D
7.04%$5 969
30D
6.57%$5 595
Coinbase said that cbBTC is the first token issued on Solana.
Sky is rethinking its recent decision to offboard WBTC, following BA Labs’ assessment that the risk to WBTC exposure is now “more acceptable”.
With WBTC being phased out, the protocol is now exploring alternative wrapped Bitcoin solutions.
BitGo, the firm behind WBTC, announced last week that it would become a minority shareholder in its own project, while Justin Sun and BiT Global will be the majority stakeholders.
The Coinbase Wrapped Bitcoin will operate as an ERC20 token backed 1:1 with BTC held by the exchange on behalf of the users.
Wrapped Bitcoin is a tokenized version of Bitcoin (BTC) that runs on the Ethereum (ETH) blockchain.
WBTC is compliant with ERC-20 — the basic compatibility standard of the Ethereum blockchain — allowing it to be fully integrated into the latter’s ecosystem of decentralized exchanges, crypto lending services, prediction markets and other ERC-20-enabled decentralized finance (DeFi) applications.
WBTC is also backed by Bitcoin at a 1:1 ratio via a network of automatically monitored merchants and custodians, ensuring that its price is pegged to Bitcoin at all times and allows users to transfer liquidity between the BTC and the ETH networks in a decentralized and autonomous manner.
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Cryptocurrency has come a long way since its inception, especially since the trailblazing bitcoin pushed its way into global discussions. It’s been more than a decade since then and Bitcoin has since become an ecosystem of its own to be reckoned with, winning lovers and haters alike.
