- Coinbase will delist WBTC on December 19, 2024, attributable to 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 is going to delist Wrapped Bitcoin (WBTC) from its platforms on December 19, 2024.
We recurrently monitor the belongings 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 Property 🛡️ (@CoinbaseAssets) November 19, 2024
The choice will have an effect on all Coinbase providers, together with Coinbase.com, Coinbase Alternate, 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 position, cancel, and match restrict orders however restricts different buying and selling functionalities.
We now have moved our wBTC order books to limit-only mode. Restrict orders will be positioned and canceled, and matches could happen.
In case you have any questions relating to this replace, please go to: https://t.co/aZsdyDqkAS
— Coinbase Property 🛡️ (@CoinbaseAssets) November 19, 2024
Regardless of the suspension of buying and selling, Coinbase assured customers that WBTC holdings would stay accessible, and withdrawals may very well 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 advised Wrapped Bitcoin (WBTC) 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 belongings 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 gives integration with decentralized purposes (dApps) throughout networks like Ethereum, Base, and Solana.
CbBTC has shortly 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 resolution 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 out there.
We remorse and are stunned by Coinbase’s resolution to delist WBTC. Because the core group behind Wrapped BTC, we’ve at all times been dedicated to offering the neighborhood 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 resolution, providing to supply extra data or clarification to resolve any issues.