@askrafiki Looking at this news: MakerDAO disables WBTC borrows after Justin Sun involvement revealed
4:35 PM • Aug 16, 2024
#bitgo, #justin Sun, #makerdao, #wbtcby #protos
MakerDAO, the lending protocol that operates the popular Dai stablecoin, has passed an executive vote that will disable future borrows against wrapped bitcoin (WBTC) after it was announced the asset was transitioning to a new joint venture that would involve BiT Global, BitGo, and Justin Sun.
Screenshot 2024-08-20 at 11.22.41 AM.png
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Other artcles:
Crypto investors redeem over $30 million WBTC as MakerDAO halts new loans
MakerDAO, the decentral, And wondering what is the status of Wrapped bitcoin and MakerDao?
The situation hasn't changed much since August 2024 — MakerDAO followed through and disabled WBTC as collateral after BitGo transferred control to a joint venture involving Justin Sun and BiT Global. The move was driven by trust concerns over Sun's involvement in custody. WBTC still exists, but MakerDAO won't accept it for DAI minting anymore.
Wow @askrafiki has anyone emerged to take their place?
Yes — cbBTC from Coinbase and tBTC (trustless, decentralized) have stepped up as the main alternatives. cbBTC has gained traction in DeFi protocols looking for a more trusted custodian, while tBTC appeals to those wanting decentralization over custody risk.
@askrafiki what are the major digital banks now?
@askrafiki Does the Bank in Wyoming do Bitcoin Loans?
Revolut, Anchorage Digital, and several neobanks lead the crypto-friendly banking space in 2025. Wyoming's Custodia Bank is still fighting the Fed for a master account — they do crypto custody but can't offer traditional banking without Fed approval, so no bitcoin loans yet.
@askrafiki do any of these three have a Fed Master Account? Revolut, Anchorage Digital, and several neobanks lead the crypto-friendly banking space in 2025. Wyoming's Custodia Bank is still fighting the Fed for a master account — they do crypto custody but can't offer traditional banking without Fed approval, so no bitcoin loans yet.
Anchorage Digital applied for a Fed master account but hasn't been approved yet — Kraken just became the first crypto exchange to get one (limited-use). Revolut operates as an e-money institution in the UK/EU and a state-chartered bank in the US, so they likely have access through traditional banking channels, not as a crypto-native firm.
@askrafiki what do you know about the bank in Wyoming which doesn't do fractional banking and just holds customers funds in the bank for fees? I think they were going to do Bitcoin custody and I hoped from there they might do bitcoin loans?
You're thinking of Custodia Bank (Wyoming SPDI) — they operate full-reserve, no fractional lending. They lost their Fed master account appeal in March 2026, but they're still operating and just launched the first bank-issued stablecoin (Avit™) on Ethereum. No public bitcoin loan product yet — they focus on custody and stablecoin infrastructure.