Ethereum

DeFi

Bitcoin

Empower

cbBTC

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/coinbase-launches-cbbtc-to-empower-bitcoin-users-in-defi/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Coinbase Launches cbBTC to Empower Bitcoin Users in DeFi</a><br></p>
<p style="text-align: justify">Coinbase, a U.S.-based <a href="https://en.coin-turk.com/key-catalysts-for-a-potential-rally-in-crypto-and-stock-markets/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> exchange, announced the successful launch of wrapped Bitcoin token, cbBTC. On its first day, cbBTC achieved a remarkable market value of $100 million.</p>
<h2 id="simplifying-the-defi-experience-with-cbbtc">Simplifying the DeFi Experience with cbBTC</h2>
<p style="text-align: justify">cbBTC, which is based on Ethereum and supported by Bitcoin, enables users to streamline their decentralized finance (DeFi) experiences. According to CoinGecko data, cbBTC started trading on September 12 and surpassed a market value of $100 million the following day.</p>
<p style="text-align: justify">As Coinbase detailed how BTC holders could enhance their DeFi transactions with cbBTC, it stated:</p>
<blockquote>
 <p style="text-align: justify">cbBTC eliminates a significant barrier, allowing customers to use their existing Bitcoin in new ways on the blockchain. Designed to be seamlessly compatible with DeFi applications, cbBTC gives users access to new DeFi use cases, such as using their Bitcoin as collateral for liquidity provision or borrowing other cryptocurrencies.</p>
</blockquote>
<h2 id="justin-sun-s-criticism">Justin Sun’s Criticism</h2>
<p style="text-align: justify">Justin Sun, the founder of <a href="https://en.coin-turk.com/latest-developments-in-justin-suns-htx-dao-and-tron-ecosystem/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Tron</a>, targeted cbBTC, criticizing it for being overly centralized and trust-based. He remarked, “cbBTC means ‘trust me’ due to its lack of reserve proof, absence of audits, and the ability to freeze any balance at will. Your entire BTC could be confiscated by any U.S. government subpoena. This is nothing more than a central bank’s Bitcoin. A dark day for BTC.”</p>
<p style="text-align: justify">Current data shows that cbBTC has a market value over $97.66 million, making it the 402nd largest cryptocurrency.</p>
<p style="text-align: justify">The rapid rise of cbBTC highlights the significance of wrapped tokens and DeFi in the <a href="https://en.coin-turk.com/fed-maintains-interest-rates-crypto-market-reacts-positively/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency market</a>. However, concerns surrounding centralization and security continue to be crucial factors for investors.</p>
<p>The post <a href="https://en.coin-turk.com/coinbase-launches-cbbtc-to-empower-bitcoin-users-in-defi/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Coinbase Launches cbBTC to Empower Bitcoin Users in DeFi</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Coinbase Launches cbBTC to Empower Bitcoin Users in DeFi

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