🚀 Coinbase Unwraps Transparency with cbBTC! 🚀

Coinbase is stepping up its game by adding verifiable proof of reserves (PoR) to its Bitcoin wrapper, cbBTC. This move aims to put cbBTC on par with competitors like Wrapped Bitcoin (WBTC) and 21.co Wrapped Bitcoin (21BTC).

Lukas Staniszewski, a product manager at Coinbase, confirmed that PoR has been in the works since day one. This addition addresses transparency concerns and squashes rumors about unbacked Bitcoin IOUs.

Launched on Sept. 12, cbBTC already boasts $250M in total value locked (TVL). Ready to dive deeper? Comment below! 💬👇