Sid Ramesh
@checkmate
Hi folks â we built a new product at @coinbase that lets you borrow USDC against Bitcoin, fully onchain and dead simple to use. We call this the DeFi mullet. CeFi in the front and DeFi in the back. This was a year long project with first principles thinking. âĄď¸ Doing an AMA through the weekend. Fire away questions or thoughts.
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Bullers
@db
Does this create a taxable event for the BTC?
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Sid Ramesh
@checkmate
Based on current guidance, Coinbase will not be reporting the wrapping of BTC to cbBTC as a taxable event to the IRS. Please consult a tax professional for personalized tax advice tho.
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