Coinbase has announced plans to discontinue support for wrapped Bitcoin (WBTC) across all its platforms, including Coinbase.com, Coinbase Exchange, and Coinbase Prime.
Coinbase to WBTC, Source: X
Trading for WBTC will be suspended on December 19, 2024, at approximately 12 PM ET. The move comes after Coinbase’s “most recent review,” which indicated that WBTC no longer meets its listing standards. However, the exchange did not provide specific reasons for the delisting.
Coinbase has already moved WBTC order books to limit-only mode, allowing users to place and cancel limit orders. While trading will cease in December, users will retain access to their WBTC funds and continue to withdraw them after the suspension.
This decision aligns with the rising adoption of Coinbase’s own wrapped Bitcoin token, Coinbase Wrapped BTC (cbBTC), launched in September 2024. Backed 1:1 by Bitcoin in Coinbase custody, cbBTC offers a secure way to interact with dApps.
By November 19, 2024, cbBTC had a $1.3 billion market cap and 15,070 tokens in circulation, primarily on Base (82%), Ethereum (16%), and Solana (2%). Its rapid growth positions it as a strong alternative to existing wrapped Bitcoin solutions in the DeFi space.
Wrapped Bitcoin (WBTC), created by BitGo, Kyber Network, and Ren, has been a leading token for enabling Bitcoin use in Ethereum-based DeFi. However, cbBTC’s integration with Coinbase and rapid growth could challenge WBTC’s dominance.
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