**Coinbase Teases New Wrapped Bitcoin Token Amid BitGo Controversy**

Coinbase has hinted at a new product, "cbBTC," sparking speculation that the U.S.-based crypto exchange might be launching its own wrapped Bitcoin token. The announcement came via a cryptic Aug. 13 post on X, with Coinbase simply stating "cbBTC" and "coming soon."

Jesse Pollak, head of Coinbase's layer-2 network Base, also expressed enthusiasm for Bitcoin, suggesting Base aims to build a "massive Bitcoin economy."

This comes on the heels of BitGo's controversial decision to transfer control of Wrapped Bitcoin (WBTC) to a joint venture involving Tron Founder Justin Sun. Concerns over Sun's involvement have led some in the DeFi community to call for WBTC support to be withdrawn from major protocols. Despite the backlash, BitGo's CEO assured that WBTC's security remains intact.