Coinbase Delists Wrapped Bitcoin (WBTC) Amid Ongoing Assessments of Listing Standards

Coinbase, one of the largest cryptocurrency exchanges, has announced it will delist Wrapped Bitcoin (WBTC) from its platforms on December 19, 2024.

Cryptocurrency exchange Coinbase has announced the upcoming delisting of Wrapped Bitcoin (WBTC) from its platforms on December 19, 2024. The move will affect Coinbase.com, Coinbase Exchange, and Coinbase Prime.

Coinbase performs regular evaluations of the assets on its exchange to ensure they meet the listing standards. Based on the latest review, the exchange will be suspending trading for wBTC (wBTC) on December 19, 2024, on or around 12pm ET.

“As part of our latest review, Wrapped Bitcoin (WBTC) will no longer be available to trade on Coinbase. Specifically, Coinbase.com, Coinbase Exchange, and Coinbase Prime will suspend trading for wBTC (wBTC) on December 19, 2024, on or around 12pm ET.”

Coinbase Assets 🛡️

(@CoinbaseAssets)

November 19, 2024

The decision comes despite the recent launch of Coinbase’s own wrapped Bitcoin token, Coinbase Wrapped Bitcoin (cbBTC). Introduced in September 2024, cbBTC is an ERC-20 token that is fully backed 1:1 by Bitcoin in Coinbase’s custody. It can be integrated with decentralized applications (dApps) on networks such as Ethereum, Base, and Solana.

In contrast to WBTC, which iscustodial and pegged to BTC at the custodian’s mint and burn rates, cbBTC iscustodial and pegged to BTC at the custodian’s mint and burn rates. This positions cbBTC as a direct competitor to WBTC in the DeFi ecosystem.

However, Coinbase’s decision to delist WBTC has left the WBTC team surprised and disappointed. In a statement, the team highlighted the compliance, transparency, and decentralization of their product. They expressed their willingness to engage with Coinbase further to address any concerns.

“We regret and are surprised by Coinbase’s decision to delist WBTC. As the core team behind Wrapped BTC, we have always been committed to providing the community with the most compliant, transparent, and decentralized BTC tokenization product.”

WBTC

(@WrappedBTC)

November 19, 2024

The WBTC team positioned their product as the most decentralized wrapped BTC solution, with robust governance, secure custody processes, and adherence to regulatory frameworks. They urged Coinbase to reconsider the decision and offered to provide additional information or clarification.