Coinbase ends support for WBTC and expands use of cbBTC

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Coinbase, one of the largest cryptocurrency exchanges in the world, announced on Tuesday (19) that it will suspend trading in Wrapped Bitcoin (WBTC) on all its platforms from December 19. According to a statement published on the social network X, Coinbase made this decision due to the token's failure to comply with the exchange's listing standards.

Despite the suspension, users who hold WBTC on Coinbase will continue to be able to access their funds and make withdrawals without restrictions. Before the suspension date, Coinbase moved trading of the token to “limit only” mode. This only allows limit orders for WBTC.

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Response from the WBTC team

The team responsible for WBTC expressed dissatisfaction with Coinbase's decision. As the team stated, there was always good communication between the parties and active cooperation in the due diligence processes to ensure the product met the platform's compliance standards.

In response, they asked the exchange to reconsider the decision. Furthermore, they were available to clarify any issue that may have led to the delisting.

Coinbase's decision to delist WBTC comes amid a recent controversy involving custody of the token. WBTC custodian BitGo recently entered into a joint venture agreement with BitGlobal, co-founded by Justin Sun. Sun's involvement has raised concerns about WBTC's credibility and decentralized structure. And this may have influenced Coinbase's decision.

Furthermore, members of the crypto community speculate that the expansion of cbBTC, the Wrapped Bitcoin developed by Coinbase itself, may have contributed to the delisting of WBTC. Coinbase has integrated cbBTC into several blockchain platforms in recent months, including the Solana network.

On the same day as the WBTC announcement, Coinbase revealed that it had launched its cbBTC token on the Arbitrum network. The expansion of cbBTC, which is already used in other ecosystems, reinforces Coinbase's positioning in the wrapped token market. At the same time, it raises doubts about a possible strategy to centralize operations around its own products.

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