Coinbase, a major cryptocurrency exchange, has announced its decision to delist Wrapped Bitcoin (WBTC) from its platform. The delisting will take effect on December 19, 2024. This move comes after Coinbase’s recent review of the token’s compliance with its listing standards. While the specific reasons for the delisting haven’t been explicitly stated, it’s believed to be related to concerns about the token’s governance and security.
Wrapped Bitcoin is an ERC-20 token representing a 1:1 ratio of Bitcoin held in reserve. It allows users to interact with Bitcoin on Ethereum-based decentralized finance (DeFi) platforms. However, recent controversies surrounding the governance of WBTC, including a proposed acquisition by Justin Sun, have raised concerns about its future and security.
Coinbase’s decision to delist WBTC is a significant development in the cryptocurrency market. It highlights the increasing scrutiny of tokenized assets and the importance of robust governance and security practices. While WBTC remains listed on other exchanges, Coinbase’s move could impact its liquidity and adoption in the DeFi ecosystem.
