Coinbase plans to delist Wrapped Bitcoin (WBTC) subsequent month

By
currency Journal
-
0
5
  • Coinbase plans to delist WBTC on December 19, 2024, because the itemizing standards haven’t been met.
  • WBTC might be moved to limit-only mode, however withdrawals will nonetheless be attainable.
  • Coinbase's cbBTC, launched in September, is gaining market share for wrapped Bitcoin.

Coinbase, one of many largest cryptocurrency exchanges, introduced that it’s going to delist Wrapped Bitcoin (WBTC) from its platform on December 19, 2024.

This determination impacts all Coinbase companies, together with Coinbase.com, Coinbase Alternate, and Coinbase Prime, and comes amid an ongoing analysis of the change's itemizing requirements.

As a part of the transition, the WBTC order e book was switched to limit-only mode. This enables customers to position, cancel, and match restrict orders, however limits different buying and selling performance.

Regardless of the buying and selling suspension, Coinbase assured customers that their WBTC holdings stay accessible and may be withdrawn at any time.

See also  Bitget pockets considerably improves person expertise with instantaneous swap mode and prioritized Solana transactions

WBTC doesn’t meet Coinbase itemizing standards

Coinbase stated in a press release that the transfer is the results of a current assessment that means Wrapped Bitcoin (WBTC) not meets itemizing standards.

Though no particular purpose was given, the announcement highlights Coinbase's dedication to sustaining regulatory compliance and offering high-quality belongings for buying and selling.

Notably, this 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 managed by Coinbase. Gives integration with decentralized purposes (dApps) throughout networks reminiscent of Ethereum, Base, and Solana.

CbBTC is quickly gaining momentum, with 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 remaining distributed throughout Ethereum and Solana.

The rising recognition of cbBTC has established it as a powerful competitor to WBTC within the DeFi ecosystem.

Wrapped Bitcoin (WBTC) workforce was shocked by this transfer

In response, the WBTC workforce expressed shock and disappointment at Coinbase's determination to delist its belongings and reaffirmed its dedication to compliance, transparency, and decentralization.

Of their assertion, they spotlight their product's sturdy governance, safe custody processes, and regulatory compliance, positioning WBTC as essentially the most decentralized wrapped BTC answer out there.

The WBTC workforce urged Coinbase to rethink its determination and provided to offer extra data and clarification to resolve the considerations.

See also  AI Token surges as ARKM rises 27%

RELATED ARTICLESMORE FROM AUTHOR