- 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.
We repeatedly monitor belongings on our exchanges to make sure they meet itemizing requirements. Primarily based on the most recent critiques, Coinbase will droop buying and selling on wBTC (wBTC) on December 19, 2024 at roughly 12:00 PM ET.
— Coinbase Belongings 🛡️ (@CoinbaseAssets) November 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.
The wBTC order e book has been moved to restrict order mode. Restrict orders may be positioned and canceled, and matches might happen.
If in case you have any questions relating to this replace, please go to https://t.co/aZsdyDqkAS.
— Coinbase Belongings 🛡️ (@CoinbaseAssets) November 19, 2024
Regardless of the buying and selling suspension, Coinbase assured customers that their WBTC holdings stay accessible and may be withdrawn at any time.
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.
We’re dissatisfied and shocked by Coinbase's determination to delist WBTC. Because the core workforce behind Wrapped BTC, we’ve all the time been dedicated to offering essentially the most compliant, clear, and decentralized BTC tokenization product to our neighborhood.
For a few years, WBTC…
— WBTC (@WrappedBTC) November 19, 2024
The WBTC workforce urged Coinbase to rethink its determination and provided to offer extra data and clarification to resolve the considerations.
