Welcome DT News

  • CONTACT
  • ABOUT US
Deythere
  • Home
  • News
    Ethereum vs Solana in 2025: Curve Founder Reveals Which Chain Could Power Wall Street
    NewsCryptoEthereum

    Ethereum vs Solana in 2025: Curve Founder Reveals Which Chain Could Power Wall Street

    According to a detailed analysis published by Curve Finance founder Michael Egorov,…

    By
    Shravani Dhumal
    July 14, 2025
    XRP Rallies Ahead of SEC Vote as Ripple's Legal Saga Nears Final Act
    NewsCryptoMarket
    XRP Rallies Ahead of SEC Vote as Ripple’s Legal Saga Nears Final Act
    July 14, 2025
    $25M NFT Scandal Crumbles as Court Clears Dolce and Gabbana USA
    CryptoNewsNFT
    $25M NFT Scandal Crumbles as Court Clears Dolce and Gabbana USA
    July 14, 2025
    image 193
    NewsCryptoMarketSponsored Article
    Missed Dogecoin? One Cat Meme Coin Is Making Noise With Big Bags and Bigger Claws
    July 14, 2025
    image 209
    NewsCryptoMarketSponsored Article
    The Bull Breaks In: Limited Spots Available in MoonBull Whitelist, While Snek and Shiba Inu Steady the Course
    July 14, 2025
  • Cryptocurrency
    Ethereum vs Solana in 2025: Curve Founder Reveals Which Chain Could Power Wall Street
    Ethereum vs Solana in 2025: Curve Founder Reveals Which Chain Could Power Wall Street
    8 Min Read
    XRP Rallies Ahead of SEC Vote as Ripple's Legal Saga Nears Final Act
    XRP Rallies Ahead of SEC Vote as Ripple’s Legal Saga Nears Final Act
    6 Min Read
    $25M NFT Scandal Crumbles as Court Clears Dolce and Gabbana USA
    $25M NFT Scandal Crumbles as Court Clears Dolce and Gabbana USA
    7 Min Read
    image 193
    Missed Dogecoin? One Cat Meme Coin Is Making Noise With Big Bags and Bigger Claws
    10 Min Read
    image 209
    The Bull Breaks In: Limited Spots Available in MoonBull Whitelist, While Snek and Shiba Inu Steady the Course
    9 Min Read
    Bitcoin Hits $122K ATH: How Ledn CEO Predicts $136K by Year-End
    Bitcoin Hits $122K ATH: How Ledn CEO Predicts $136K by Year-End
    7 Min Read
    Previous Next
  • Pages
    • Contact Us
    • Customize Interests
    • My Bookmarks
Reading: Tokenized Bitcoin Set to Enter Market as Coinbase Teases New Product
Share

[ccpw id=”7831″]

DeythereDeythere
Font ResizerAa
  • Home
  • Crypto
  • Market
  • News
  • Blockchain
  • Contact
Search
  • Home
  • News
  • Cryptocurrency
  • Pages
    • Contact Us
    • Customize Interests
    • My Bookmarks
Have an existing account? Sign In
Follow US
© DT News. All Rights Reserved.
Deythere > News > News > Tokenized Bitcoin Set to Enter Market as Coinbase Teases New Product
News

Tokenized Bitcoin Set to Enter Market as Coinbase Teases New Product

Tokenized Bitcoin Set to Enter Market as Coinbase Teases New Product
Tokenized Bitcoin Set to Enter Market as Coinbase Teases New Product
Kılıçarslan Cemil
Last updated: August 14, 2024 11:37 am
By
Kılıçarslan Cemil
Published August 14, 2024
5 Min Read
Share

Coinbase, one of the largest cryptocurrency exchanges in the world, has hinted at the upcoming launch of a new tokenized Bitcoin product, which will go by the ticker cbBTC. The announcement, which was made on the exchange’s X account, was met with excitement and speculation within the crypto community.

This new product appears to be similar in name and structure to Coinbase’s existing Ethereum staking derivative, cbETH. While the company has not provided extensive details, a follow-up post simply stating “coming soon” suggests that the launch of cbBTC might be just around the corner. Tokenized Bitcoin products like this are typically backed one-to-one with actual Bitcoin, meaning that each cbBTC token would represent a specific amount of Bitcoin held in reserve.

The introduction of cbBTC could represent a significant development in the crypto space, especially for users who prefer holding Bitcoin on the Ethereum network or other Layer 2 chains. By doing so, Coinbase would offer an additional source of liquidity, not just for its users but also within Base, the blockchain that was incubated by Coinbase itself. Jesse Pollak, who leads the Base project, expressed his enthusiasm for Bitcoin, stating that his team is “going to build a massive Bitcoin economy on Base.”

Tokenized Bitcoin
Tokenized Bitcoin

As Coinbase prepares to roll out cbBTC, the product is expected to compete directly with BitGo’s Wrapped Bitcoin (WBTC), which is currently the leading tokenized Bitcoin product on the market. WBTC has a market capitalization exceeding $9 billion, making it a dominant player in this niche. The competition between cbBTC and WBTC could lead to significant shifts in the market dynamics for tokenized Bitcoin products.

This development comes at a time when BitGo, the custodian behind WBTC, has made a strategic move by partnering with BiT Global, a company associated with Justin Sun, the founder of Tron. This partnership will see BitGo and BiT Global manage the custody of WBTC, with BitGo becoming a minority owner in a joint venture. The goal of this venture is to provide “multi-jurisdictional and multi-institutional custody” for the WBTC business, potentially broadening its appeal and accessibility.

However, the involvement of Justin Sun, a figure who has often been surrounded by controversy, has raised some concerns within the crypto community. There are fears that this partnership could lead to a centralization of control over WBTC, which might impact its security and the broader decentralized ethos of the crypto space. These concerns have been significant enough that MakerDAO’s risk team, Block Analitica Labs, has proposed suspending new borrowing against WBTC collateral until more clarity is achieved.

In response to these concerns, Mike Belshe, the CEO of BitGo, has sought to reassure the community, emphasizing the firm’s unwavering commitment to security. He pointed out that BitGo and BiT Global would operate under stringent legal oversight, ensuring that the partnership does not compromise the integrity of WBTC.

As the crypto world awaits the official launch of Coinbase’s tokenized Bitcoin product, cbBTC, it is clear that this development has the potential to shake up the market for tokenized assets. With Coinbase’s established reputation and its deep integration into the broader cryptocurrency ecosystem, cbBTC could quickly gain traction, offering an alternative to WBTC and potentially expanding the use cases for Bitcoin in the decentralized finance (DeFi) space.

Looking Forward: The Impact of Tokenized Bitcoin

Tokenized Bitcoin
Coinbase: Tokenized Bitcoin

The introduction of cbBTC by Coinbase could mark the beginning of a new era in the crypto world. As more users and institutions look for ways to leverage Bitcoin within Ethereum and Layer 2 ecosystems, products like cbBTC will become increasingly valuable. This tokenized Bitcoin could provide not just liquidity but also a bridge between different blockchain networks, enhancing the versatility and utility of Bitcoin in ways that were previously limited.

In conclusion, the upcoming launch of Coinbase’s tokenized Bitcoin, cbBTC, is poised to introduce significant competition in the market for tokenized assets. With the backing of one of the largest and most trusted crypto exchanges, cbBTC has the potential to challenge existing products like WBTC, offering new opportunities for users and investors alike. 

For more news and updates on this subject and the general cryptocurrency industry, stay tuned to DeyThere.



Advertising

For advertising inquiries, please email . [email protected] or Telegram

Pendle Soars Analyzing Its Recent Price Surge and Market Dynamics

Robinhood’s Tokenized Stocks Spark Fury: Why OpenAI and Elon Musk Say It’s a Scam

Best New Meme Coins to Buy for 2025 | Arctic Pablo Coin’s Presale Heats Up with Token Burns, Simon’s Cat Gains Momentum & Degen Rides Market Hype

Best Crypto Picks for 2025: BTFD Coin Floats the LAUNCH100 Bonus as Investors Go Bullish on MOODENG and ACT

Hong Kong Regulator Introduces Sandbox for Tokenized Asset Trials

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Email Copy Link Print
ByKılıçarslan Cemil
Cemil Kılıçarslan is a blockchain and cryptocurrency expert with 8 years of experience in the field. Starting his career in traditional finance, Cemil shifted his focus to blockchain after realizing its potential to disrupt existing financial systems. He has been involved in numerous international projects, ranging from the development of blockchain-based payment systems to consulting on cryptocurrency regulations. Cemil is particularly known for his expertise in blockchain scalability and security. At DT NEWS, he delivers thorough analyses and thought-provoking commentary on the global crypto market, helping readers navigate the complexities of blockchain technology and its applications.
Previous Article XRP Potential Surge to $10,000: Analyst Highlights Key Catalyst for Major Rally XRP Potential Surge to $10,000: Analyst Highlights Key Catalyst for Major Rally
Next Article Crypto Services Expand in Hawaii Post Regulation Shift Crypto Services Expand in Hawaii Post Regulation Shift
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow US

Find US on Socials
FacebookLike
XFollow
YoutubeSubscribe
TelegramFollow
Subscribe to our newslettern

Get Newest Articles Instantly!

- Advertisement -
Ad image
Popular News
crypto 2024
Crypto Derivatives Market Heats Up as Innovative Products Emerge
crypto approval
Blockchain Revolutionizes Energy Markets with Decentralized Trading Platforms
crypto news
Cutting-Edge Mining Technologies Drive Efficiency in Cryptocurrency Production

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Youtube Telegram Linkedin
Deythere

DT News influence 20 million users and is the number one business blockchain and crypto news network on the planet.

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

Menu

  • Home
  • News
  • Sitemap
© DT News. All Rights Reserved.
Banner 1
Banner 2
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?

  • English