Coinbase will delist Wrapped Bitcoin (WBTC) subsequent month

• Coinbase will delist WBTC on December 19, 2024, on account 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 usually monitor the belongings on our trade to make sure they meet our itemizing requirements. Primarily based 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 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 trade’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.

Now we have moved our wBTC order books to limit-only mode. Restrict orders may be positioned and canceled, and matches could happen.

When you’ve got 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 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 recommended 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 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 provides integration with decentralized functions (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. The vast majority of cbBTC tokens—82%—are on Coinbase’s Base community, with the remainder distributed throughout Ethereum and Solana.

The rising recognition of cbBTC positions it as a robust competitor to WBTC within the DeFi ecosystem.

Wrapped Bitcoin (WBTC) crew stunned by the transfer

In response the WBTC crew has expressed shock and disappointment over Coinbase’s choice 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 essentially the most decentralized wrapped BTC resolution accessible.

We remorse and are stunned by Coinbase’s choice to delist WBTC. Because the core crew behind Wrapped BTC, we now have all the time been dedicated to offering the group with essentially the most compliant, clear, and decentralized BTC tokenization product.

Over time, WBTC has established…

— WBTC (@WrappedBTC) November 19, 2024

The WBTC crew urged Coinbase to rethink its choice, providing to offer extra info or clarification to resolve any issues.