On Tuesday, the San Francisco-based crypto company Coinbase revealed plans to remove Wrapped Bitcoin (WBTC) from its platform on December 19, 2024.
Coinbase to Remove Wrapped Bitcoin (WBTC) from Trading on December 19
On Tuesday, Coinbase announced its decision to delist Wrapped Bitcoin (WBTC) on December 19, 2024. The announcement, shared via X, stated, “We routinely assess the assets on our platform to ensure they align with our listing criteria. Following our most recent review, Coinbase will suspend trading for WBTC (WBTC) on December 19, 2024, around 12 p.m. ET.”
The San Francisco-based exchange clarified:
“Trading will be halted on Coinbase (Simple and Advanced Trade), Coinbase Exchange, and Coinbase Prime. However, users will retain access to their WBTC holdings and can withdraw funds at any time.”
This move follows Coinbase’s recent launch of its own bitcoin derivative token, cbBTC, introduced in September on the Ethereum and Base blockchains, with Solana integration also added. Dune Analytics data shows 15,070 cbBTC in circulation, with 82% on Base, 16.3% on Ethereum, and a small portion on Solana.
In just 24 hours, cbBTC recorded an impressive $5.9 billion in transfer volume, signaling Coinbase’s strategic expansion into bitcoin derivatives. Despite cbBTC’s growth, WBTC remains the dominant player, with the 15th-largest market cap at $13.64 billion and accounting for over 85% of the bitcoin derivative market, with 146,734 WBTC in circulation.
Coinbase’s decision to delist WBTC highlights its focus on promoting cbBTC and other in-house innovations. The coming months will reveal if cbBTC can challenge WBTC’s dominance and capture a larger share of the bitcoin derivative market.