Coinbase Builds Into Bitcoin Ecosystem With Dev Grants, Wrapped BTC

Tony "The Bull" Severino

1 year ago

3 mins read

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San Francisco-based cryptocurrency exchange Coinbase has revealed two separate contributions to the Bitcoin ecosystem today. Here’s how the top crypto platform plans to boost the future of the first-ever cryptocurrency and make it more accessible, flexible, and DeFi-ready.

Coinbase Ready To Award Duo Of Grants To Bitcoin Core Developers

Coinbase and its CEO Brian Armstrong has in the past been criticized for bypassing Bitcoin to instead promote altcoins.

But the cryptocurrency exchange today announced it is offering two grants from its Crypto Community Fund to developers that work on the Bitcoin core code or “closely associated” projects.

A blog post from Coinbase EVP of Engineering Manish Gupta explains that Bitcoin was born without fundraising, yet “bootstrapped” an entire industry.

Coinbase is beginning our search for at least two Bitcoin development grant recipients starting today. If you'd like to apply or nominate a Bitcoin core developer to be sponsored, read more here and fill out the form. https://t.co/2oGhfA9v6z

— Coinbase 🛡️ (@coinbase) October 15, 2020

Rather than other projects that have active founders, a team of developers, and even a marketing team, Bitcoin thrives on the open-source community alone.

“The open source community has provided critical support for Bitcoin development, with some support from donations from industry organizations and academic institutions. Our goal is to similarly support developers who are committed to growing and maintaining the Bitcoin ecosystem,” Gupta said.

Two developers will receive grants of a currently unrevealed sum, by filling out an application. Crypto users that know someone active in the Bitcoin community, are urged to share the news.

Ethereum-Wrapped BTC To Trade on Pro Platform, Tokenized Crypto Synergy Unlocked

Coinbase Pro,(formerly GDAX) the professional trading platform owned by Coinbase, also announced it kickstarting deposits on October 19, to begin allowing trading of Wrapped Bitcoin (WBTC) starting October 20.

Bitcoin is used as a payment currency, store of wealth, and speculative asset for trading, but by wrapping it in Ethereum and tokenizing BTC in a smart contract, the original cryptocurrency is lent a world of new abilities.

Wrapped Bitcoin Chart | Source: WBTCUSD on TradingView.com

Wrapped BTC can trade on decentralized exchanges or be used for lending and borrowing, as well as other DeFi applications.

The supply of WBTC is growing, not only benefitting Ethereum but Bitcoin as well. The more BTC wrapped in Ethereum and locked away in DeFi applications, the less likely that BTC will be sold into the market, which is bullish for the overall crypto market.

This tokenized BTC brings flexibility to the first-ever cryptocurrency that it couldn’t otherwise have without a warm hug from the top-ranked altcoin, Ethereum.

https://t.co/OgGckNC5nq

— Coinbase Exchange 🛡️ (@CoinbaseExch) October 15, 2020

With its arms wrapped around big brother BTC, the two assets play nicer together than when apart. And with Coinbase now embracing tokenized BTC, the Bitcoin, Ethereum, and DeFi ecosystem will grow better together.

Featured image from Deposit Photos, Charts from TradingView

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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