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Justin Sun, the co-founder of Tron, a smart contracts platform and one of many blockchains competing with Ethereum, has an issue with the recently launched cbBTC, a wrapped Bitcoin token by Coinbase, a top crypto exchange complying with United States laws.
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The team behind Sky, formerly Maker, wants to drop WBTC due to what it claimed were recent changes in ownership and control “likely involving Justin Sun or affiliates.
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Coinbase’s launch of its wrapped Bitcoin product, cbBTC, has ignited a fierce debate within the industry, with Tron (TRON) founder Justin Sun lambasting the new offering, calling it a “dark day for BTC” and warning of significant risks to decentralized finance.
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Key Takeaways
Coinbase’s cbBTC enables millions of customers to access DeFi apps using their Bitcoin holdings.
cbBTC is backed 1:1 by Bitcoin in Coinbase custody, fostering trust and liquidity in the DeFi ecosystem.