Tweets from the crypto exchange and Jesse Pollack, the creator of Base, suggest cbBTC could run on the layer-2 blockchain.
Posts on X from Coinbase and Base creator Jesse Pollack suggest the crypto exchange is developing a wrapped bitcoin similar to Bitgo's wBTC to run on the layer-2 blockchain.Speculation was sparked by cryptic posts from Coinbase late Tuesday U.S. time. The posts contained the wording:"cbBTC" and"Coming soon."
They were followed by a post from Jesse Pollak, who runs Base, saying how the team plans to build a"massive bitcoin economy" on the network.is a way of making it available on protocols other than the one it was originally designed for, bringing increased liquidity to the target ecosystem. Each wrapped bitcoin represents one of the original, which is stored in custody.
The response to the announcement was generally neutral because there is no technical change to the product and all data about underlying reserves continues to be verifiable on-chain. Some chatter on the forums of DAI stablecoin issuer MakerDAO, however,for MakerDAO token holders proposes to stop wBTC borrowing and cut wBTC debt limits to 0 DAI to reduce risk is open for the next month.
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