Coinbase will discontinue help for wrapped Bitcoin (WBTC) on December 19, 2024, throughout its platforms, together with Coinbase.com, Coinbase Change, and Coinbase Prime, the trade shared in a press release.
The precise causes for the delisting weren’t disclosed. Nevertheless, Coinbase stated its determination was primarily based on its “most up-to-date overview,” suggesting that WBTC may now not meet its itemizing requirements.
We commonly monitor the belongings on our trade to make sure they meet our itemizing requirements. Based mostly on our most up-to-date overview, Coinbase will droop buying and selling for wBTC (wBTC) on December 19, 2024, on or round 12pm ET.
— Coinbase Belongings 🛡️ (@CoinbaseAssets) November 19, 2024
The trade has additionally moved WBTC order books to limit-only mode, permitting customers to put and cancel restrict orders. Customers will retain entry to their wBTC funds and keep withdrawal capabilities after suspension.
We have now moved our wBTC order books to limit-only mode. Restrict orders could be positioned and canceled, and matches could happen.
When you have any questions relating to this replace, please go to: https://t.co/aZsdyDqkAS
— Coinbase Belongings 🛡️ (@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 supply customers with a extra trusted and built-in choice for accessing dApps.
CbBTC has a $1.3 billion market capitalization as of November 19, in accordance with Dune Analytics. 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 way of a collaboration between BitGo, Kyber Community, and Ren, WBTC allows Bitcoin holders to interact with quite a few DeFi protocols on Ethereum. WBTC is at present essentially the most extensively used wrapped Bitcoin token in DeFi, however cbBTC could quickly problem its dominance.
