2024

Wrapped Bitcoin

Bitcoin

cbBTC

TRON

<p class="is-style-lead">Coinbase announced it will suspend trading of Wrapped Bitcoin — WBTC — on December 19, 2024, across all its platforms, including Coinbase.com and Coinbase Prime.</p> 
<p>The decision follows a routine asset review and shifts <a href="https://crypto.news/price/wrapped-bitcoin/" target="_blank">WBTC</a> order books to limit-only mode. Users can still withdraw WBTC from the exchange after the delisting, <a href="https://crypto.news/tag/Coinbase/" target="_blank">Coinbase</a> clarified in a <a rel="nofollow" href="https://x.com/CoinbaseAssets/status/1858921847007453254" target="_blank">statement</a> on X.</p> 
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   https://twitter.com/CoinbaseAssets/status/1858921827159945638 
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<p>Launched in 2019, WBTC allows Bitcoin liquidity to flow into decentralized finance ecosystems by tokenizing Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>). The token is pegged 1:1 with Bitcoin and boasts a market cap exceeding $13.6 billion.&nbsp;</p> 
<p><a href="https://crypto.news/tag/bitgo/" target="_blank">BitGo</a>, its primary custodian, has traditionally maintained the underlying Bitcoin reserves.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/polyhedra-and-berkeley-rdi-launch-first-production-ready-zkml-system/"> Polyhedra and Berkeley RDI launch first production-ready zkML system </a> </p> 
<h2 class="wp-block-heading" id="bitgo-controversy">BitGo controversy&nbsp;</h2> 
<p>However, recent shifts in the governance of the WBTC protocol are sparking industry concerns. In August, BitGo <a href="https://crypto.news/coinbase-teases-new-wrapped-bitcoin-product-amid-ongoing-wbtc-controversy/" target="_blank">announced a joint venture</a> with BiTGlobal, a Hong Kong-based trust company linked to TRON founder Justin Sun.&nbsp;</p> 
<p>This partnership, aimed at increasing geographical decentralization, has <a rel="" href="https://crypto.news/wbtc-loses-its-peg-to-bitcoin-on-justin-sun-backed-poloniex/">led to scrutiny</a> over Sun’s growing influence in the protocol. Crypto projects are already adjusting their interactions with WBTC due to potential governance risks.</p> 
<p>Coinbase’s move coincides with the growth of its <a href="https://crypto.news/coinbase-launches-cbbtc-a-wrapped-bitcoin-token/" target="_blank">own tokenized Bitcoin product</a>, cbBTC, which was launched earlier this year. With a $1.5 billion market cap, cbBTC is gaining traction as a competitor in the wrapped Bitcoin market.&nbsp;</p> 
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<h2 class="wp-block-heading" id="wbtc-s-response">WBTC’s response&nbsp;</h2> 
<p>The team behind WBTC expressed surprise and disappointment over Coinbase’s decision to delist the asset on X, emphasizing their commitment to compliance, transparency, and decentralization.&nbsp;</p> 
<p>In a <a href="https://x.com/WrappedBTC/status/1858932022569587023?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet" target="_blank" rel="nofollow">statement</a>, the WBTC team highlighted their product’s rigorous governance, secure custody processes, and regulatory adherence, underscoring WBTC’s status as the most decentralized wrapped BTC solution on the market.</p> 
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   <p lang="en" dir="ltr">We regret and are surprised by Coinbase’s decision to delist WBTC. As the core team behind Wrapped BTC, we have always been committed to providing the community with the most compliant, transparent, and decentralized BTC tokenization product.<br><br>Over the years, WBTC has established…</p>— WBTC (@WrappedBTC) <a href="https://twitter.com/WrappedBTC/status/1858932022569587023?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">November 19, 2024</a>
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<p>Urging Coinbase to reconsider its decision, the WBTC team offered to provide further information or clarification to address any concerns.</p>

Coinbase to delist trading of WBTC in December

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