The DeFi protocol also launched an in-house perpetuals trading app.
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Coinbase contends the delisting was based on a standard review of WBTC’s suitability to trade on the exchange.
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Coinbase has already discontinued market trading of WBTC and is only facilitating limit orders.
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The deployment will allow users to utilize Bitcoin in Solana’s burgeoning DeFi ecosystem, according to Coinbase.
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An Apollo Crypto report links DeFi resurgence to US Federal Reserve rate cuts, China’s credit expansion and improved DeFi infrastructure.
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Adding proof of reserves will head off concerns about Coinbase’s perceived lack of transparency.
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It’s been 48 days since Bitgo revealed its partnership with Bit Global on Aug. 9, 2024. Since that announcement, the supply of wrapped bitcoin (WBTC) held on Aave V3 has soared to a new peak. Meanwhile, cbBTC, the bitcoin derivative token from Coinbase, has hit a market cap of $247.8 million. Bitcoin Derivative Landscape Shifts […]
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WBTC is still the most popular Bitcoin wrapper, with nearly $10 billion in TVL, according to DefiLlama.
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The integration comes as other Bitcoin wrappers face scrutiny for custody practices.
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Coinbase’s cbBTC is backed at a 1:1 ratio with Bitcoin, which serves as the underlying asset for the tokenized BTC wrapper.
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