UNCHAINED: Bitcoin Is Worth Over $1 Trillion. How Much Will Coinbase’s New cbBTC Grab?

Sep 13, 2024

Will Robinson, VP of Engineering at Coinbase, explores the launch of cbBTC, a new wrapped Bitcoin aimed at enhancing Bitcoin's utility in DeFi. He discusses how cbBTC differentiates itself from WBTC amid concerns over centralization, especially relevant given recent custody changes involving Justin Sun. The conversation dives into minting processes, Coinbase's long-term vision for cbBTC, and the balance between innovation and compliance. With Bitcoin surpassing $1 trillion, cbBTC could reshape its role in decentralized applications.

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Intro

00:00 • 2min

Exploring the Launch of CBBTC: Enhancing Bitcoin's Utility

02:10 • 4min

CBBTC: Coinbase's New Wrapped Bitcoin

05:48 • 7min

The Emergence of CBBTC and Its Impact on Bitcoin

12:19 • 3min

Coinbase's CBBTC: Innovation and Compliance

15:13 • 10min

Navigating User Needs in Cryptocurrency Launches

25:39 • 5min

Cryptocurrency Under Fire: Regulations and Market Reactions

30:36 • 8min

Coinbase's new wrapped Bitcoin alternative, cbBTC, just launched. Will it challenge the dominance of WBTC in DeFi, or is it just another centralized solution? Coinbase’s VP of engineering, Will Robinson, breaks it all down.

On Thursday, Coinbase unveiled cbBTC, a tokenized version of Bitcoin on its Base layer 2 and Ethereum. This launch follows the recent BitGo controversy about the custody arrangement for Wrapped Bitcoin (WBTC) now involving Justin Sun, sparking concerns within the crypto community.

In this episode, Will Robinson, Coinbase’s VP of engineering, discusses the strategic importance of cbBTC, how it differs from other wrapped Bitcoin products, and what this means for the future of Bitcoin within DeFi ecosystems.

Will Coinbase’s reputation as a "trusted custodian" be enough to make cbBTC the go-to choice for Bitcoin in DeFi, or will the industry remain skeptical?

Why Coinbase launched cbBTC and how it aims to bring Bitcoin into the world of DeFi
What happens behind the scenes when users mint cbBTC
What sets cbBTC apart from other wrapped Bitcoin options, according to Will
Whether Coinbase will expand cbBTC to other layer 2s and where users can already use it on major DeFi platforms
Will’s response to criticisms about the centralization of cbBTC
Why Coinbase's cbBTC launch was part of long-term plans, unrelated to the recent controversy around WBTC and Justin Sun
How Coinbase plans to make money from cbBTC, considering that WBTC has not been a big moneymaker for BitGo
Why Coinbase has the ability to freeze and blacklist cbBTC addresses
How Coinbase ensures that Bitcoin backing cbBTC remains the property of token holders and won’t be used as collateral or rehypothecated
Why Coinbase, a centralized entity, is launching cbBTC, a product for the decentralized, onchain world
Why Will doesn't want to predict how much demand there'll be for cbBTC

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Guest

Will Robinson, VP of Engineering at Coinbase

Unchained Podcast is Produced by Laura Shin Media, LLC. Distributed by CoinDesk.

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