Coinbase has announced its decision to stop supporting wrapped Bitcoin (WBTC) on all its platforms, including Coinbase.com, Coinbase Exchange, and Coinbase Prime. Starting on December 19, 2024, WBTC trading will be suspended at approximately 12 PM ET. This move follows a recent review by Coinbase, which found that WBTC no longer meets its listing standards.
However, the exchange did not provide specific reasons for the delisting. Currently, WBTC order books have been switched to limit-only mode, allowing users to place and cancel limit orders. While trading will be discontinued in December, users will still have access to their WBTC funds and can continue to withdraw them after the suspension.
This decision coincides with the increasing adoption of Coinbase’s own wrapped Bitcoin token, cbBTC, which was launched in September 2024. Backed 1:1 by Bitcoin in Coinbase custody, cbBTC provides a secure way for users to interact with decentralized applications (dApps).
As of November 19, 2024, cbBTC had a market capitalization of $1.3 billion and 15,070 tokens in circulation, with the majority on Base (82%), Ethereum (16%), and Solana (2%). The rapid growth of cbBTC establishes it as a promising alternative to existing wrapped Bitcoin solutions in the decentralized finance (DeFi) space.
