- Coinbase will delist WBTC on December 19, 2024 as a consequence of unmet itemizing standards.
- WBTC shall be moved to limit-only mode, with withdrawals remaining accessible.
- Coinbase's cbBTC, launched in September, has been gaining market share in wrapped Bitcoin.
Coinbase, one of many largest cryptocurrency exchanges, introduced that it’s going to take away Wrapped Bitcoin (WBTC) from its platforms on December 19, 2024.
We frequently monitor property on our change to make sure they meet our itemizing requirements. Primarily based on our most up-to-date evaluation, Coinbase will droop buying and selling of wBTC (wBTC) on December 19, 2024, at roughly 12 p.m. 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 evaluations of the change's itemizing requirements.
As a part of the transition, WBTC order books moved to limit-only mode. This enables customers to put, cancel and match restrict orders, however restricts different buying and selling performance.
Now we have moved our wBTC order books to restrict solely mode. Restrict orders could also be positioned and canceled, and matches might happen.
If in case you have any questions concerning 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 might be made at any time.
Wrapped Bitcoin (WBTC) doesn’t meet Coinbase itemizing standards
In its assertion, Coinbase famous that the transfer was the results of its newest evaluation, which recommended that Wrapped Bitcoin (WBTC) not met its itemizing standards.
Though no particular purpose was disclosed, the announcement highlights Coinbase's dedication to sustaining regulatory compliance and offering high-quality property 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 totally backed 1:1 by Bitcoin owned by Coinbase. It presents integration with decentralized purposes (dApps) on networks like Ethereum, Base and Solana.
CbBTC rapidly 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 the Coinbase core community, with the rest distributed on Ethereum and Solana.
The rising reputation of cbBTC positions it as a critical competitor to WBTC within the DeFi ecosystem.
Whereas Wrapped Bitcoin (WBTC) has traditionally been essentially the most extensively used wrapped Bitcoin token in decentralized finance (DeFi), Coinbase's transfer may sign a shift in market dynamics. If different exchanges comply with swimsuit, WBTC may face additional adoption declines.
