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↑ Coinbase Launches New Bitcoin Variant Amidst Legal Challenges and Market Competition

Coinbase Launches New Bitcoin Variant Amidst Legal Challenges and Market Competition

Leading cryptocurrency exchange, Coinbase, has launched a new product cbBTC, a version of Wrapped Bitcoin. This 1:1 Bitcoin-Backed, Ethereum-Based Token competes directly with other wrapped Bitcoin products on the market. The new token went live to significant fanfare, achieving a soaring $100 million market cap in its first day, in spite of criticisms from TRON's founder, Justin Sun. However, the launch of cbBTC has also stirred up a legal maelstrom, with Coinbase having to face down a shareholder lawsuit about the potential SEC risks associated with the move.

In other news, the SEC's unclear stance on 'Crypto Asset Securities' has led to a public rebuttal from Coinbase's CLO. On a positive note, Coinbase has partnered with Stripe to expand global crypto adoption. However, it doesn't come without added competition as Anchorage Digital Bank and BitGo emerges as strong players in the crypto custody game.

Coinbase has continuously advocated for clearer crypto regulations, with CEO Brian Armstrong stating it could boost capital inflows. The platform has also initiated a $6m legal defense fund for NFT projects in light of the increasing regulatory pressure.

Coinbase News Analytics from Tue, 30 Apr 2024 07:00:00 GMT to Mon, 16 Sep 2024 01:30:25 GMT - Rating 7 - Information 6 - Rumor -6

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