đ Coinbase's cbBTC: Clearing the Air on Wrapped Bitcoin! đ
Paul Grewal, Coinbase's Chief Legal Officer, has addressed the buzz around the terms of service for their new wrapped Bitcoin product, cbBTC. Concerns were raised about Coinbase's liability in case of lost Bitcoin due to malicious activities or unforeseen events. Grewal clarified that Coinbase's responsibility is limited to the Bitcoin lost, not covering external losses from trades or leveraged positions.
Despite initial skepticism, cbBTC has quickly become the third-largest wrapped Bitcoin product, trailing only BitGo's WBTC. Brian Armstrong reassured the community that cbBTC is fully backed by Coinbase. đ
Stay tuned, BTC enthusiasts! đ
