Cryptocurrency exchange Coinbase unveiled its proof-of-reserves page for cbBTC, the exchange’s wrapped version of bitcoin ( BTC) that allows users to deposit bitcoin with Coinbase and send tokens that represent the deposited BTC to multiple blockchain networks such as Ethereum or Solana. Displaying live proof of bitcoin in custody gives users confidence that at any given time, Coinbase has enough BTC to fulfill any potential redemptions where users return the wrapped token in exchange for the bitcoin they previously deposited. Coinbase had 26,754 BTC for its 26,557 cbBTC at the time of reporting. The exchange delisted rival token WBTC in December after Bitgo, WBTC’s primary custodian, announced a partnership with Bit Global, a company partly owned by infamous Tron Network founder Justin Sun.
Coinbase Launches Proof-of-Reserves for cbBTC
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