Cryptocurrency exchange Coinbase has announced that it will be discontinuing support for wrapped Bitcoin (WBTC) on December 19, 2024. The specific reasons for the delisting were not disclosed, but Coinbase stated that it was based on their most recent review, suggesting that WBTC may no longer meet their listing standards. The exchange has moved WBTC order books to limit-only mode, allowing users to place and cancel limit orders, and users will retain access to their wBTC funds and withdrawal capabilities. This decision comes after Coinbase launched its own wrapped Bitcoin token, Coinbase Wrapped BTC (cbBTC), in September, aiming to provide users with a more trusted and integrated option for accessing decentralized applications (dApps). cbBTC has reached a circulating supply of 15,070 tokens and has a market capitalization of $1.3 billion as of November 19. WBTC, which is currently the most widely used wrapped Bitcoin token in decentralized finance (DeFi), may face competition from cbBTC in the future.



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