Coinbase has announced the phase-out of Wrapped Bitcoin (wBTC) from its exchange, citing 'listing standards' as the reason for the suspension.
This decision follows the launch of Coinbase's own version of wrapped bitcoin, cbBTC, which operates on the Base blockchain, creating a competitive landscape.
BitGo's CEO, Mike Belshe, defended the firm's joint venture with BiT Global amid scrutiny, stating concerns about Justin Sun's influence were overstated and emphasizing their fiduciary duty.
Belshe criticized Coinbase's cbBTC as potentially too centralized and argued that BitGo's model for managing keys offers better security and decentralization.
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