Trump-backed World Liberty Financial will exchange all of its Coinbase BTC for wrapped BTC

On Wednesday, World Liberty Financial, a company backed by the family of US President-elect Donald Trump, swapped nearly $10 million worth of Coinbase (COIN)-wrapped bitcoin, cbBTC, for rival WBTC.

Wrapped Bitcoin is one of the largest cryptocurrency to be used in the world centralized finance (DeFi) Bitcoin on other blockchains.

Coinbase cbBTC introduced in September, and in November, WBTC said it would delist, citing listing standards. The case prompted the crypto exchange to sue BiT Global, which deals with WBTC, in a bid to prevent it from being removed. On Wednesday, the court ruled against BiT Global.

There is another link in the chain: Justin Sun, co-founder of the Tron blockchain and one of CoinDesk. The most impressive 2024. In its defense, Coinbase has cited links to Sun, BiT Global accused Fraud and market manipulation in the US,unacceptable risk.” San, who has denied the charges, also became an adviser to World Liberty Financial, which he acquired after taking a $30 million stake in the platform. last month Exchange for WLFI tokens.

World Liberty Finance has not publicly announced its decision to exchange tokens. The data on the chain shows that it happened active in the market In the past week, Aave (AAVE), Chainlink’s LINK, and Etena’s ENA tokens, all related companies through partnerships or integrations, have collected millions of dollars.

The sun is not directly related to WBTC. In August, BitGo, the original and long-term custodian of WBTC-backed bitcoins, announced that it would distribute. project maintenance control global to not just one but three organizations (including BiT Global) to help decentralize operations.

BiT Global is registered as a Trust and Company Service Provider (TCSP) in Hong Kong and is a “strategic partnership between BitGo, Justin Sun and the Tron ecosystem,” according to an August release.

Board member Robert Liu said in an interview in October that Sun has no direct or indirect involvement in the table of the listed shareholders of these companies or BiT Global.

Some board members believe Sun’s involvement is actually “good for WBTC,” given the success of Tron, crypto exchange HTX, and other ventures.

“The Tron blockchain has more than 50% of the global market,” Liu said. “They have the highest turnover rate. So people have no problem staking the more than $60 billion in stablecoin assets circulating on the Tron blockchain.