- Coinbase will delist WBTC on December 19, 2024, as a consequence of unmet itemizing standards.
- WBTC will likely be moved to limit-only mode, with withdrawals nonetheless accessible.
- Coinbase’s cbBTC, launched in September, has been gaining market share in wrapped Bitcoin.
Coinbase, one of many largest cryptocurrency exchanges, has introduced it’ll delist Wrapped Bitcoin (WBTC) from its platforms on December 19, 2024.
We repeatedly monitor the property on our alternate to make sure they meet our itemizing requirements. Primarily based on our most up-to-date assessment, Coinbase will droop buying and selling for wBTC (wBTC) on December 19, 2024, on or round 12pm ET.
— Coinbase Belongings 🛡️ (@CoinbaseAssets) November 19, 2024
The choice will have an effect on all Coinbase providers, together with Coinbase.com, Coinbase Change, and Coinbase Prime, and comes amid ongoing assessments of the alternate’s itemizing requirements.
As a part of the transition, WBTC order books have been switched to limit-only mode. This enables customers to put, cancel, and match restrict orders however restricts different buying and selling functionalities.
We’ve moved our wBTC order books to limit-only mode. Restrict orders could be positioned and canceled, and matches might happen.
When you’ve got any questions relating to this replace, please go to: https://t.co/aZsdyDqkAS
— Coinbase Belongings 🛡️ (@CoinbaseAssets) November 19, 2024
Regardless of the suspension of buying and selling, Coinbase assured customers that WBTC holdings would stay accessible, and withdrawals might be made at any time.
WBTC doesn’t meet Coinbase itemizing standards
In its assertion, Coinbase famous that the transfer was a results of its newest assessment, which steered Wrapped Bitcoin (WBTC) now not meets its itemizing standards.
Whereas no particular causes had been disclosed, the announcement emphasizes Coinbase’s dedication to sustaining regulatory compliance and offering high-quality property for buying and selling.
Notably, the delisting comes simply months after Coinbase launched its personal wrapped Bitcoin token, Coinbase Wrapped Bitcoin (cbBTC).
Launched in September 2024, cbBTC is an ERC-20 token absolutely backed 1:1 by Bitcoin held in Coinbase’s custody. It presents integration with decentralized functions (dApps) throughout networks like Ethereum, Base, and Solana.
CbBTC has rapidly gained traction, reaching a market capitalization of $1.3 billion and a circulating provide of over 15,000 tokens. Nearly all of cbBTC tokens—82%—are on Coinbase’s Base community, with the remainder distributed throughout Ethereum and Solana.
The rising reputation of cbBTC positions it as a robust competitor to WBTC within the DeFi ecosystem.
Wrapped Bitcoin (WBTC) group shocked by the transfer
In response the WBTC group has expressed shock and disappointment over Coinbase’s determination to delist the asset, reaffirming their dedication to compliance, transparency, and decentralization.
In an announcement, they emphasised the strong governance, safe custody processes, and regulatory adherence of their product, positioning WBTC as probably the most decentralized wrapped BTC answer obtainable.
We remorse and are shocked by Coinbase’s determination to delist WBTC. Because the core group behind Wrapped BTC, now we have at all times been dedicated to offering the group with probably the most compliant, clear, and decentralized BTC tokenization product.
Over time, WBTC has established…
— WBTC (@WrappedBTC) November 19, 2024
The WBTC group urged Coinbase to rethink its determination, providing to supply further info or clarification to resolve any issues.
