Coinbase has confirmed plans to introduce verifiable proof of reserves to its newly launched Bitcoin wrapper, Coinbase Wrapped BTC (cbBTC). This move will align cbBTC with competitors like Wrapped Bitcoin (WBTC) and 21.co Wrapped Bitcoin (21BTC), addressing concerns about Coinbase's transparency. Lukas Staniszewski, a product manager at Coinbase, stated that proof of reserves has been a part of cbBTC's roadmap from the beginning. Despite criticism for lacking transparency compared to other Bitcoin wrappers, cbBTC has gained popularity, with $250 million in total value locked. Notably, cbBTC offers reimbursement for losses from cybersecurity exploits and is overseen by New York's Department of Financial Services. Initially available on Ethereum and Base, Coinbase plans to launch cbBTC on Solana soon. This commitment to transparency and security sets cbBTC apart in the competitive market of Bitcoin wrappers. Read more AI-generated news on: https://app.chaingpt.org/news