Coinbase To Delist Wrapped Bitcoin On This Date, Citing 'Listing Standards'

Coinbase Global Inc. COIN announced plans to remove Wrapped Bitcoin WBTC/USD from its trading platform, citing “listing standards,” with trading suspension scheduled for Dec. 19.

What Happened: The move follows the cryptocurrency exchange’s recent launch of its own wrapped Bitcoin product, cbBTC, on the Base blockchain.

“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.

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

The Wrapped Bitcoin 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 Bitcoin and Ethereum networks in a decentralized manner, making it a vital bridge between the two largest cryptocurrency ecosystems.

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

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

See Also: If You Bought Bitcoin At $387 A Decade Ago, You Would Now Have More Than 2X The Average US Retirement Savings

Why It Matters: Market data according to CoinMarketCap 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.

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.

See Also:

• Bitcoin Crosses $94,000 For New All-Time High, Dogecoin Back At $0.40, Ethereum Flat: ‘Short-Term Price Action Unpredictable,’ Say Analysts

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.