CandleFocus TRON Founder Blasts Coinbase’s Wrapped Bitcoin Product cbBTC as ‘Central Bank Bitcoin’, Brian Armstrong Responds
2024-09-15
Author: Content Editor
Coinbase has introduced cbBTC, a wrapped version of Bitcoin that can be used in decentralized finance (DeFi) applications on Ethereum and Base networks. This allows users to participate in DeFi activities without having to convert their Bitcoin to other cryptocurrencies. The launch of cbBTC aims to create a more interconnected financial ecosystem and potentially accelerate Bitcoin adoption in DeFi platforms. However, TRON founder Justin Sun criticized cbBTC for lacking proof of reserve and audits, arguing that it contradicts the decentralized nature of Bitcoin and poses security risks. Coinbase CEO Brian Armstrong responded to these concerns, stating that users are trusting a centralized custodian to store the underlying Bitcoin, which is necessary to facilitate institutional investment. Armstrong also addressed concerns about Coinbase's custody services for Bitcoin ETF products, emphasizing the company's transparency and annual audits.
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