Coinbase News: Justin Sun Critiques cbBTC and Its Implications for Bitcoin
Justin Sun Slams Coinbase cbBTC
Tron founder Justin Sun criticized Coinbase's recently launched cbBTC, labeling it as a dark day for Bitcoin. This Bitcoin wrapper is part of Coinbase's response to issues related to BitGo's Wrapped Bitcoin (WBTC). Available on Ethereum and Coinbase's Base network, cbBTC can be utilized on various decentralized finance (DeFi) platforms.
Implications of cbBTC
According to Sun, cbBTC signifies the type of challenges Bitcoin faces in the current market landscape. With new financial instruments such as cbBTC, the narrative surrounding Bitcoin's security and stability may shift. Users and investors need to stay informed about the evolving dynamics.
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