Official announcement from Coinbase or Chainlink

Coinbase to Implement Proof of Reserves for Bitcoin Wrapper Token $cbBTC with Chainlink

Sep 30, 2024, 10:01 PM

Coinbase has announced plans to implement proof of reserves for its Bitcoin wrapper token, $cbBTC. This move aims to enhance transparency and boost user confidence in the asset. The integration of Chainlink's Proof of Reserve by 21(.)co will automate real-time reserve verification, preventing malicious minting. Currently, 1% of Bitcoin’s supply is locked in DeFi, driven by growing demand for Bitcoin yield and Coinbase’s new Bitcoin-pegged token, $cbBTC. This announcement was made on September 30.