Verified: Coinbase Introduces Proof of Reserves for cbBTC, Boosting Crypto Transparency

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BitcoinWorld 2d ago

Verified: Coinbase Introduces Proof of Reserves for cbBTC, Boosting Crypto Transparency - BitcoinWorld

Quick Summary:

In a significant stride towards enhanced transparency within the cryptocurrency realm, Coinbase, a leading crypto exchange, has officially rolled out a dedicated proof-of-reserves (PoR) page for its wrapped Bitcoin token, cbBTC.

This move, initially reported by BeInCrypto, aims to provide users with verifiable assurance regarding the backing of cbBTC with actual Bitcoin reserves.

The slight surplus in reserves (26,525.15 BTC reserves vs.26,461.05 cbBTC supply) could be interpreted as a buffer, further enhancing the security and reliability of cbBTC.cbBTC, like many wrapped tokens, has faced scrutiny in the past, particularly regarding concerns about centralization.