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Will Coinbase provide a Proof of Reserves for cbBTC by March 31, 2025?
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Official announcements from Coinbase
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BlackRock Amends Coinbase Custody Agreement, Adds 12-Hour Withdrawals for Bitcoin ETF
Sep 23, 2024, 11:41 AM
BlackRock has amended its custody agreement with Coinbase to require 12-hour withdrawals amid debt rumors. The amendment, detailed in a filing with the SEC, updates Section 2.1 of the Custodial Services Agreement. BlackRock's Bitcoin ETF is also part of this new agreement. Concerns have also been raised regarding Coinbase's cbBTC, a token representing Bitcoin. If Coinbase loses the underlying Bitcoin backing cbBTC, users may only receive a proportional share of the remaining Bitcoin, not the full value. This has led to criticism about Coinbase's transparency, as it does not provide a Proof of Reserves like other platforms.
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