• Coinbase will delist WBTC on December 19, 2024, because of unmet itemizing standards.
• WBTC shall 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 can delist Wrapped Bitcoin (WBTC) from its platforms on December 19, 2024.

We commonly monitor the property on our change to make sure they meet our itemizing requirements. Based mostly on our most up-to-date assessment, 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 companies, together with Coinbase.com, Coinbase Change, and Coinbase Prime, and comes amid ongoing assessments of the change’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.

We have now moved our wBTC order books to limit-only mode. Restrict orders may be positioned and canceled, and matches might happen.

When 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 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 assessment, which urged 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 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 absolutely backed 1:1 by Bitcoin held in Coinbase’s custody. It gives integration with decentralized purposes (dApps) throughout networks like Ethereum, Base, and Solana.

CbBTC has 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 Coinbase’s Base community, with the remaining distributed throughout Ethereum and Solana.

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

Wrapped Bitcoin (WBTC) group shocked by the transfer

In response the WBTC group has expressed shock and disappointment over Coinbase’s resolution to delist the asset, reaffirming their dedication to compliance, transparency, and decentralization.

In a press release, they emphasised the sturdy governance, safe custody processes, and regulatory adherence of their product, positioning WBTC as probably the most decentralized wrapped BTC resolution out there.

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

Over time, WBTC has established…

— WBTC (@WrappedBTC) November 19, 2024

The WBTC group urged Coinbase to rethink its resolution, providing to offer extra data or clarification to resolve any issues.