- Coinbase will delist WBTC on December 19, 2024, resulting from unmet itemizing standards.
- WBTC shall 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 commonly monitor the property on our alternate to make sure they meet our itemizing requirements. Based mostly on our most up-to-date evaluation, 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 companies, 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 permits customers to put, cancel, and match restrict orders however restricts different buying and selling functionalities.
We have now moved our wBTC order books to limit-only mode. Restrict orders may be positioned and canceled, and matches might happen.
When you have 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 could possibly 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 evaluation, which advised Wrapped Bitcoin (WBTC) now not meets its itemizing standards.
Whereas no particular causes have 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 affords 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 powerful competitor to WBTC within the DeFi ecosystem.
Wrapped Bitcoin (WBTC) group stunned by the transfer
In response the WBTC group has expressed shock and disappointment over Coinbase’s choice to delist the asset, reaffirming their dedication to compliance, transparency, and decentralization.
In a press release, they emphasised the strong governance, safe custody processes, and regulatory adherence of their product, positioning WBTC as essentially the most decentralized wrapped BTC answer obtainable.
We remorse and are stunned by Coinbase’s choice to delist WBTC. Because the core group behind Wrapped BTC, we’ve all the time been dedicated to offering the group with essentially the most compliant, clear, and decentralized BTC tokenization product.
Through the years, WBTC has established…
— WBTC (@WrappedBTC) November 19, 2024
The WBTC group urged Coinbase to rethink its choice, providing to offer further info or clarification to resolve any issues.
