Coinbase recently teased, via their twitter handle, over plans to launch their network’s wrapped BTC. Whether this plan is already a work-in-progress, or under speculation, it is not clear as further details concerning the ‘cbBTC’ are yet to be surfice. Moreover, the possibility of launching the new product (Wrapped token) in August is very low considering a few factors.

Foremost, Coinbase giving hints about the launch of its network’s Wrapped BTC “cbBTC” few days after BitGo’s WBTC controversy, could be strategic. Prior to that announcement, BitGo had revealed plans to diversify its Wrapped BTC’s custody in a joint venture with Bit Global, warranting a major security upgrade. This security upgrade is slated to last for 60 days until the launch of the WBTC under BitGo and Bit Global partnership. Essentially giving Coinbase a clear heaven to launch its cbBTC soonest.

That said, consider Coinbase as equally looking to diversify its asset offering and advance the landscape of Bitcoin interoperability before the next bull-run. The crypto bull-run wave, based on history, is often accompanied by aggressive token launch that flows with the tide to a freak of fortune. We can see a possibility to conclude the cbBTC minting process before the blink of the next bull run.

However, considering the institutional level that Coinbase has attained operationally, there may be dainty reasons why the launch of ‘cbBTC’ should be rushed, owing to the time of the public notice. Moreso, the integrity of any popular blockchain venture like Coinbase, is tied to the quality of their tokenized asset offerings. Except the minting procedure is at the verge of conclusion, the likelihood of launching Coinbase’s Wrapped BTC product in August 2024 is essentially very low.

This article serves you an insight to the prediction poll below. You can predict whether cbBTC will launch by the end of August or not to win a set prize.

https://app.nodo.xyz/poll/will-coinbase-launch-it-wrapped-btc-cbbtc-product-in-august