Over the weekend, however, the most popular version of these tokens, Wrapped Bitcoin (WBTC), came under fire, as its custodian BitGo disclosed that it would be handing over custody of the token to a joint venture with BiTGlobal, a firm linked to the controversial Tron founder Justin Sun. Amid the backlash and calls to boycott the token in response to the management change, leading crypto exchange Coinbase is looking to capitalize with a WBTC alternative to capture some of the tokenized Bitcoin market share.
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