KEY POINTS
- Coinbase recently launched $cbBTC, which will enable BTC holders to use their assets in new ways
- TRON's Justin Sun questioned the lack of proof of reserves and possible government interference
- Many Bitcoiners agreed that Coinbase's new token has many loopholes
- On audits, Brian Armstrong said Deloitte is auditing Coinbase
Coinbase recently launched cbBTC, a new ERC-20 token that the cryptocurrency exchange giant said is "backed 1:1 by Bitcoin held by Coinbase." The token's entry into the digital assets space was welcomed by many crypto users, but Bitcoiners, a group of BTC holders known to be very passionate about the digital currency's development, are raising concerns about the new asset's tokenomics.
