While Coinbase launched its own packaged version of Bitcoin (BTC) 2 months ago, the exchange announced the upcoming delisting of WBTC. We take stock.
Coinbase to delist WBTC
This summer, the teams in charge of the development of WBTC presented a restructuring of the asset, triggering fears in the ecosystem regarding the influence that Justin Sun could acquire over this packaged version of Bitcoin (BTC) .
💡 How does WBTC work?
In the wake of this affair, several players in the ecosystem took the opportunity to launch their own version of these bitcoins made compatible with decentralized finance (DeFi) of other blockchains. Thus, this is particularly the case of Coinbase, with its cbBTC, and Kraken, concerning kBTC.
Concerning Coinbase, while its cbBTC is gaining momentum, evidenced for example by its arrival on Arbitrum (ARB) on Tuesday, the exchange announced a decision which ultimately seems logical, namely the abandonment of the WBTC. Thus, trading of the asset will end on December 19:
We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent review, Coinbase will suspend trading for wBTC (wBTC) on December 19, 2024, on or around 12pm ET.
— Coinbase Assets 🛡️ (@CoinbaseAssets) November 19, 2024
For their part, the WBTC teams expressed their surprise and regret at this decision. So, they invite Coinbase to reconsider its decision :
We urge Coinbase to reconsider this decision and continue to support WBTC trading. If you have any questions or suggestions, please do not hesitate to contact us. We are more than willing to provide additional information to address any concerns you may have.
👉 Also in the news — $94,000: Bitcoin (BTC) explodes its record again
With WBTC being a competitor to cbBTC, it might be surprising if Coinbase moves back. At the time of writing, this new synthetic version of BTC is capitalized at $1.47 billion. In total, cbBTC is now deployed on 4 blockchains, namely Ethereum, Arbitrum, Solana and Base.
At the same time, BTC is trading at $94,200, up 2.9% over 24 hours.
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Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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