Coinbase will discontinue assist for wrapped Bitcoin (WBTC) on December 19, 2024, throughout its platforms, together with Coinbase.com, Coinbase Exchange, and Coinbase Prime, the exchange shared in a press release.
The particular causes for the delisting weren’t disclosed. However, Coinbase mentioned its resolution was based mostly on its “most recent review,” suggesting that WBTC may not meet its itemizing requirements.
We frequently monitor the belongings on our exchange to guarantee they meet our itemizing requirements. 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 Assets 🛡️ (@CoinbaseAssets) November 19, 2024
The exchange has additionally moved WBTC order books to limit-only mode, permitting customers to place and cancel restrict orders. Users will retain entry to their wBTC funds and preserve withdrawal capabilities after suspension.
We have moved our wBTC order books to limit-only mode. Limit orders may be positioned and canceled, and matches might happen.
If you’ve got any questions relating to this replace, please go to: https://t.co/aZsdyDqkAS
— Coinbase Assets 🛡️ (@CoinbaseAssets) November 19, 2024
The delisting of WBTC comes after Coinbase launched its personal wrapped Bitcoin token, Coinbase Wrapped BTC (cbBTC), in September. Coinbase’s cbBTC is an ERC-20 token backed 1:1 by Bitcoin held in Coinbase custody and goals to present customers with a extra trusted and built-in possibility for accessing dApps.
CbBTC has a $1.3 billion market capitalization as of November 19, in accordance to Dune (*19*). The token has reached a circulating provide of 15,070 tokens, with 82% on Base, 16% on Ethereum, and the rest on Solana.
Launched by a collaboration between BitGo, Kyber Network, and Ren, WBTC permits Bitcoin holders to interact with quite a few DeFi protocols on Ethereum. WBTC is presently probably the most extensively used wrapped Bitcoin token in DeFi, however cbBTC might quickly problem its dominance.
