Coinbase to Delist Wrapped Bitcoin WBTC, Citing “Listing Standards”

COIN announced plans to remove Wrapped Bitcoin WBTC/USD from its trading platform, with trading suspension scheduled for Dec. 19.

Coinbase Global Inc (NASDAQ:COIN) plans to remove Wrapped Bitcoin (CRYPTO: WBTC) from its trading platform, according to a recent announcement.

What Happened: The cryptocurrency exchange announced on Friday that it will be suspending trading for wBTC (WBTC) on December 19, 2024, on or around 12pm ET.

“We have moved our wBTC order books to limit-only mode. Limit orders can be placed and canceled, and matches may occur,” the exchange said on X.

Coinbase launched its own wrapped Bitcoin product, cbBTC, on the Base blockchain earlier this year.

Wrapped Bitcoin, introduced in January 2019, is an ERC-20 token that represents Bitcoin (CRYPTO: BTC) on the Ethereum (CRYPTO: ETH) blockchain, maintaining a 1:1 peg with Bitcoin’s value.

The WBTC protocol ensures that each wBTC token is backed by an equivalent amount of Bitcoin through a network of merchants and custodians. This system allows users to transfer liquidity between the Bitcoin and Ethereum networks in a decentralized manner, making it a vital bridge between the two largest cryptocurrency ecosystems.

The token, developed by BitGo, enables Bitcoin holders to participate in Ethereum’s decentralized finance (DeFi) ecosystem.

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Market data shows Wrapped Bitcoin trading at $92,645.57, marking a 1.15% increase over the past 24 hours and a significant 149.29% gain over the past year. The token maintains a 24-hour trading volume of $517.86 million, according to CoinMarketCap.

Wrapped tokens have become increasingly important in the cryptocurrency ecosystem, allowing assets to operate across different blockchains. Coinbase’s decision to launch cbBTC signals growing competition in the wrapped token market, as major exchanges develop proprietary solutions for cross-chain Bitcoin transactions.