WBTC, a wrapped version of Bitcoin that enables access to the Ethereum network, is being de-listed on Coinbase. The suspension of the digital asset will take place on December 19th.
At the same time, Coinbase listed cbBTC, a digital asset that utilizes Arbitrum.
The WBTC team issued the following statement on the news:
“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. Over the years, WBTC has established itself as the most decentralized and transparent wrapped BTC product on the market through innovative mechanisms and rigorous governance. From custody processes to on-chain verifiability and regulatory compliance, WBTC has consistently demonstrated the highest level of professionalism and responsibility. We have maintained active communication and full cooperation with all due diligence processes, including with Coinbase, to ensure that our product meets all compliance standards. WBTC not only provides users with a highly efficient BTC liquidity solution but also seamlessly integrates with numerous DeFi protocols, significantly contributing to the development of the broader ecosystem. We firmly believe that transparency and decentralization are core values of the crypto industry, and WBTC exemplifies these principles. We urge Coinbase to reconsider this decision and continue supporting WBTC trading. If you have any questions or suggestions, please feel free to reach out to us. We are more than willing to provide additional information to address any concerns.”
WBTC was announced in October 2018 as a joint initiative between BitGo, Kyber Network, and Ren to bridge Bitcoin’s liquidity to Ethereum. At that time, the WBTC team indicated it was “focused on driving continued innovation for the enhancement of the entire ecosystem.”
The market cap of WBTC currently stands at around $13.4 billion
