Cryptocurrency exchange Coinbase released an article titled 'cbBTC' on X today.

Although Coinbase did not provide further explanation regarding this tweet, based on a series of tweets released by Jesse Pollak, the protocol manager for the second layer network Base supported by Coinbase, "cbBTC" may be a "Wrapped Token" similar to WBTC, which can introduce Bitcoin into the Ethereum/Base ecosystem through trusted intermediaries.

The timing of Coinbase's release of the "cbBTC" plan seems to have seized the critical moment of the WBTC's trust crisis. According to a previous report by Zombiet, BitGo, the custodian of WBTC, the largest Bitcoin wrapper token in the Ethereum ecosystem, has announced that it will collaborate with BiT Global, a Hong Kong company, to handle WBTC's asset custody services in the future. However, the person behind BiT Global is actually Sun Yuchen, which has led the community to question the credibility of WBTC and hope to find alternative assets that can safely obtain Bitcoin exposure in the Ethereum ecosystem.