Overview
Coinbase will discontinue support for Wrapped Bitcoin (WBTC) on December 19, 2024, across all platforms, including Coinbase.com, Coinbase Exchange, and Coinbase Prime. The decision follows the launch of Coinbase’s competing product, cbBTC, which has rapidly gained traction in decentralized finance (DeFi).
Key Details
- Delisting Date: December 19, 2024 (~12 PM ET).
- Reason: WBTC may no longer meet Coinbase’s listing standards per their latest review.
- Current Status: WBTC order books are in limit-only mode (users can place/cancel orders but no new trades).
What Happens Next?
- Users retain access to WBTC funds and can withdraw post-suspension.
- No disclosed plans for WBTC relisting.
The Rise of cbBTC
Coinbase’s cbBTC, launched in September 2024, has quickly overshadowed WBTC:
- Market Cap: $1.3 billion (as of November 19, per Dune Analytics).
- Circulating Supply: 15,070 tokens (82% on Base, 16% on Ethereum).
- Advantage: Backed 1:1 by Bitcoin held in Coinbase custody, offering tighter integration with dApps.
"cbBTC provides a trusted alternative for DeFi users, leveraging Coinbase’s custody infrastructure."
WBTC’s Legacy
- Partners: BitGo, Kyber Network, Ren.
- Use Case: Enabled Bitcoin holders to participate in Ethereum-based DeFi protocols.
- Current Status: WBTC remains the dominant wrapped Bitcoin token, but cbBTC’s growth signals shifting dynamics.
FAQs
1. Why is Coinbase delisting WBTC?
The official statement cites compliance with listing standards after a recent review. The launch of cbBTC likely influenced this decision.
2. Can I still withdraw WBTC after December 19?
Yes. Withdrawals remain available post-trading suspension.
3. Is cbBTC replacing WBTC?
While cbBTC is growing rapidly, WBTC retains utility in DeFi. Users should evaluate risks/benefits of each token.
👉 Explore Coinbase’s official announcement for further details.
Note: This article is for informational purposes only and does not constitute financial advice.
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