Stop panicking about Wrapped Bitcoin — Mint Coinbase’s cbBTC instead
Concerns about WBTC’s planned custody shakeup are overblown. For added safety, cbBTC is the best alternative.
If fear is contagious, then Wrapped Bitcoin’s (WBTC) custodian, BitGo, has started a pandemic.
In August, BitGo’s planned Bitcoin (BTC) custody overhaul sparked panic among WBTC holders. Now, similar fears are enveloping other Bitcoin wrappers.
They are overblown. Your WBTC is still secure and safer alternatives are proliferating. Among newly launched Bitcoin wrappers — tokens representing BTC on other blockchains — Coinbase Wrapped BTC (cbBTC) is the best bet.
On Aug. 9, BitGo tipped plans to grant partial control of WBTC’s Bitcoin backing to BiT Global, a Hong Kong crypto exchange. The partnership wasn’t well received.
Concerns about WBTC’s planned custody shakeup are overblown. For added safety, cbBTC is the best alternative.
If fear is contagious, then Wrapped Bitcoin’s (WBTC) custodian, BitGo, has started a pandemic. In August, BitGo’s planned Bitcoin (BTC) custody overhaul sparked panic among WBTC holders. Now, similar fears are enveloping other Bitcoin wrappers. They are overblown. Your WBTC is still secure and safer alternatives are proliferating. Among newly launched Bitcoin wrappers — tokens representing BTC on other blockchains — Coinbase Wrapped BTC (cbBTC) is the best bet. On Aug. 9, BitGo tipped plans to grant partial control of WBTC’s Bitcoin backing to BiT Global, a Hong Kong crypto exchange. The partnership wasn’t well received. Read more