Coinbase appears to be developing an alternative to BitGo's wrapped bitcoin wBTC, possibly named 'cbBTC', to enhance access to bitcoin on its layer-2 blockchain, Base.
Each wrapped bitcoin represents one of the original ones, stored in custody, allowing increased liquidity within the network by making the asset available on different protocols.
The response to BitGo's joint venture announcement was mixed, with some expressing concerns regarding the stability and reliability of wBTC amidst ongoing custody changes.
Streamlining the process of wrapping and unwrapping bitcoin is crucial for creating a robust bitcoin economy, as indicated by Jesse Pollak’s intentions for the Base network.
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