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Bitcoin Bitcoin (BTC) $119,088.27 ↑ 0.87%
Ethereum Ethereum (ETH) $3,817.82 ↑ 2.43%
XRP XRP (XRP) $3.19 ↑ 0.19%
Tether USDt Tether USDt (USDT) $1.00 ↓ -0.01%
BNB BNB (BNB) $821.08 ↑ 5.39%
Solana Solana (SOL) $187.01 ↑ 0.61%
USDC USDC (USDC) $1.00 ↑ 0.00%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 0.63%
TRON TRON (TRX) $0.32 ↓ -0.22%
Cardano Cardano (ADA) $0.82 ↓ -0.71%
Sui Sui (SUI) $4.32 ↑ 1.50%
Hyperliquid Hyperliquid (HYPE) $43.15 ↓ -1.13%
Stellar Stellar (XLM) $0.44 ↑ 0.16%
Chainlink Chainlink (LINK) $18.92 ↑ 3.43%
Hedera Hedera (HBAR) $0.29 ↑ 1.16%
Bitcoin Cash Bitcoin Cash (BCH) $603.18 ↑ 8.73%
Avalanche Avalanche (AVAX) $25.35 ↑ 2.90%
Litecoin Litecoin (LTC) $113.83 ↑ 0.33%
UNUS SED LEO UNUS SED LEO (LEO) $8.98 ↑ 0.01%
Shiba Inu Shiba Inu (SHIB) $0.00 ↑ 0.00%
Toncoin Toncoin (TON) $3.35 ↑ 1.15%
Ethena USDe Ethena USDe (USDe) $1.00 ↑ 0.00%
Uniswap Uniswap (UNI) $10.73 ↑ 3.14%
Polkadot Polkadot (DOT) $4.17 ↑ 1.00%
Monero Monero (XMR) $322.32 ↑ 0.11%
Bitget Token Bitget Token (BGB) $4.62 ↑ 1.54%
Dai Dai (DAI) $1.00 ↓ -0.01%
Pepe Pepe (PEPE) $0.00 ↑ 0.88%
Aave Aave (AAVE) $297.69 ↑ 1.31%
Cronos Cronos (CRO) $0.14 ↑ 0.10%
Ethena Ethena (ENA) $0.65 ↑ 16.15%
Bittensor Bittensor (TAO) $429.72 ↓ -0.63%
NEAR Protocol NEAR Protocol (NEAR) $2.90 ↑ 0.83%
Ethereum Classic Ethereum Classic (ETC) $22.95 ↑ 0.97%
Pi Pi (PI) $0.44 ↑ 0.13%
Ondo Ondo (ONDO) $1.04 ↓ -1.03%
Aptos Aptos (APT) $4.84 ↑ 0.45%
Internet Computer Internet Computer (ICP) $5.72 ↑ 1.24%
OKB OKB (OKB) $48.35 ↑ 0.36%
Kaspa Kaspa (KAS) $0.11 ↑ 6.89%
Bonk Bonk (BONK) $0.00 ↑ 0.80%
Mantle Mantle (MNT) $0.82 ↑ 4.46%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↑ 3.84%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.24 ↑ 1.43%
Algorand Algorand (ALGO) $0.28 ↑ 2.72%
Arbitrum Arbitrum (ARB) $0.45 ↑ 0.82%
VeChain VeChain (VET) $0.03 ↑ 0.44%
Render Render (RENDER) $4.28 ↑ 1.25%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↓ -0.01%
GateToken GateToken (GT) $17.91 ↑ 0.75%
Worldcoin Worldcoin (WLD) $1.20 ↑ 2.54%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.25 ↑ 0.50%
Sky Sky (SKY) $0.10 ↑ 2.07%
Sei Sei (SEI) $0.34 ↓ -1.72%
SPX6900 SPX6900 (SPX) $2.05 ↑ 4.51%
Cosmos Cosmos (ATOM) $4.80 ↑ 1.45%
Filecoin Filecoin (FIL) $2.71 ↑ 2.10%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.74 ↓ -0.03%
Jupiter Jupiter (JUP) $0.58 ↑ 5.33%
Flare Flare (FLR) $0.02 ↑ 2.64%
Story Story (IP) $5.44 ↓ -2.12%
Quant Quant (QNT) $127.44 ↑ 5.14%
Injective Injective (INJ) $15.25 ↑ 5.52%
KuCoin Token KuCoin Token (KCS) $11.55 ↓ -0.43%
XDC Network XDC Network (XDC) $0.09 ↑ 0.33%
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First Digital USD First Digital USD (FDUSD) $1.00 ↓ -0.01%
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Four Four (FORM) $3.50 ↑ 2.81%
Stacks Stacks (STX) $0.84 ↑ 4.10%
Optimism Optimism (OP) $0.73 ↑ 1.13%
FLOKI FLOKI (FLOKI) $0.00 ↑ 2.07%
Ethereum Name Service Ethereum Name Service (ENS) $31.00 ↑ 4.12%
Immutable Immutable (IMX) $0.59 ↑ 4.02%
dogwifhat dogwifhat (WIF) $1.09 ↑ 2.34%
The Graph The Graph (GRT) $0.11 ↑ 3.21%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.59 ↑ 0.91%
Kaia Kaia (KAIA) $0.17 ↑ 1.95%
PancakeSwap PancakeSwap (CAKE) $2.93 ↑ 6.00%
Lido DAO Lido DAO (LDO) $1.12 ↑ 3.50%
Sonic Sonic (S) $0.34 ↑ 0.25%
Pump.fun Pump.fun (PUMP) $0.00 ↓ -4.60%
Conflux Conflux (CFX) $0.19 ↓ -0.07%
PAX Gold PAX Gold (PAXG) $3,356.26 ↑ 0.04%
Tezos Tezos (XTZ) $0.89 ↓ -0.49%
Vaulta Vaulta (A) $0.58 ↑ 1.28%
Theta Network Theta Network (THETA) $0.91 ↑ 3.21%
PayPal USD PayPal USD (PYUSD) $1.00 ↓ -0.01%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 0.78%
IOTA IOTA (IOTA) $0.22 ↑ 2.46%
Nexo Nexo (NEXO) $1.32 ↑ 0.19%
Raydium Raydium (RAY) $3.09 ↑ 1.27%
Tether Gold Tether Gold (XAUt) $3,346.03 ↓ -0.02%
Gala Gala (GALA) $0.02 ↑ 1.37%
The Sandbox The Sandbox (SAND) $0.32 ↑ 2.56%
Aerodrome Finance Aerodrome Finance (AERO) $0.90 ↑ 0.53%
Pyth Network Pyth Network (PYTH) $0.14 ↑ 4.05%
Pendle Pendle (PENDLE) $4.43 ↑ 0.93%
Jito Jito (JTO) $2.01 ↑ 2.01%
Bitcoin Bitcoin (BTC) $119,088.27 ↑ 0.87%
Ethereum Ethereum (ETH) $3,817.82 ↑ 2.43%
XRP XRP (XRP) $3.19 ↑ 0.19%
Tether USDt Tether USDt (USDT) $1.00 ↓ -0.01%
BNB BNB (BNB) $821.08 ↑ 5.39%
Solana Solana (SOL) $187.01 ↑ 0.61%
USDC USDC (USDC) $1.00 ↑ 0.00%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 0.63%
TRON TRON (TRX) $0.32 ↓ -0.22%
Cardano Cardano (ADA) $0.82 ↓ -0.71%
Sui Sui (SUI) $4.32 ↑ 1.50%
Hyperliquid Hyperliquid (HYPE) $43.15 ↓ -1.13%
Stellar Stellar (XLM) $0.44 ↑ 0.16%
Chainlink Chainlink (LINK) $18.92 ↑ 3.43%
Hedera Hedera (HBAR) $0.29 ↑ 1.16%
Bitcoin Cash Bitcoin Cash (BCH) $603.18 ↑ 8.73%
Avalanche Avalanche (AVAX) $25.35 ↑ 2.90%
Litecoin Litecoin (LTC) $113.83 ↑ 0.33%
UNUS SED LEO UNUS SED LEO (LEO) $8.98 ↑ 0.01%
Shiba Inu Shiba Inu (SHIB) $0.00 ↑ 0.00%
Toncoin Toncoin (TON) $3.35 ↑ 1.15%
Ethena USDe Ethena USDe (USDe) $1.00 ↑ 0.00%
Uniswap Uniswap (UNI) $10.73 ↑ 3.14%
Polkadot Polkadot (DOT) $4.17 ↑ 1.00%
Monero Monero (XMR) $322.32 ↑ 0.11%
Bitget Token Bitget Token (BGB) $4.62 ↑ 1.54%
Dai Dai (DAI) $1.00 ↓ -0.01%
Pepe Pepe (PEPE) $0.00 ↑ 0.88%
Aave Aave (AAVE) $297.69 ↑ 1.31%
Cronos Cronos (CRO) $0.14 ↑ 0.10%
Ethena Ethena (ENA) $0.65 ↑ 16.15%
Bittensor Bittensor (TAO) $429.72 ↓ -0.63%
NEAR Protocol NEAR Protocol (NEAR) $2.90 ↑ 0.83%
Ethereum Classic Ethereum Classic (ETC) $22.95 ↑ 0.97%
Pi Pi (PI) $0.44 ↑ 0.13%
Ondo Ondo (ONDO) $1.04 ↓ -1.03%
Aptos Aptos (APT) $4.84 ↑ 0.45%
Internet Computer Internet Computer (ICP) $5.72 ↑ 1.24%
OKB OKB (OKB) $48.35 ↑ 0.36%
Kaspa Kaspa (KAS) $0.11 ↑ 6.89%
Bonk Bonk (BONK) $0.00 ↑ 0.80%
Mantle Mantle (MNT) $0.82 ↑ 4.46%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↑ 3.84%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.24 ↑ 1.43%
Algorand Algorand (ALGO) $0.28 ↑ 2.72%
Arbitrum Arbitrum (ARB) $0.45 ↑ 0.82%
VeChain VeChain (VET) $0.03 ↑ 0.44%
Render Render (RENDER) $4.28 ↑ 1.25%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↓ -0.01%
GateToken GateToken (GT) $17.91 ↑ 0.75%
Worldcoin Worldcoin (WLD) $1.20 ↑ 2.54%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.25 ↑ 0.50%
Sky Sky (SKY) $0.10 ↑ 2.07%
Sei Sei (SEI) $0.34 ↓ -1.72%
SPX6900 SPX6900 (SPX) $2.05 ↑ 4.51%
Cosmos Cosmos (ATOM) $4.80 ↑ 1.45%
Filecoin Filecoin (FIL) $2.71 ↑ 2.10%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.74 ↓ -0.03%
Jupiter Jupiter (JUP) $0.58 ↑ 5.33%
Flare Flare (FLR) $0.02 ↑ 2.64%
Story Story (IP) $5.44 ↓ -2.12%
Quant Quant (QNT) $127.44 ↑ 5.14%
Injective Injective (INJ) $15.25 ↑ 5.52%
KuCoin Token KuCoin Token (KCS) $11.55 ↓ -0.43%
XDC Network XDC Network (XDC) $0.09 ↑ 0.33%
Celestia Celestia (TIA) $2.00 ↑ 3.48%
First Digital USD First Digital USD (FDUSD) $1.00 ↓ -0.01%
Curve DAO Token Curve DAO Token (CRV) $1.05 ↑ 1.22%
Fartcoin Fartcoin (FARTCOIN) $1.35 ↑ 1.11%
Four Four (FORM) $3.50 ↑ 2.81%
Stacks Stacks (STX) $0.84 ↑ 4.10%
Optimism Optimism (OP) $0.73 ↑ 1.13%
FLOKI FLOKI (FLOKI) $0.00 ↑ 2.07%
Ethereum Name Service Ethereum Name Service (ENS) $31.00 ↑ 4.12%
Immutable Immutable (IMX) $0.59 ↑ 4.02%
dogwifhat dogwifhat (WIF) $1.09 ↑ 2.34%
The Graph The Graph (GRT) $0.11 ↑ 3.21%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.59 ↑ 0.91%
Kaia Kaia (KAIA) $0.17 ↑ 1.95%
PancakeSwap PancakeSwap (CAKE) $2.93 ↑ 6.00%
Lido DAO Lido DAO (LDO) $1.12 ↑ 3.50%
Sonic Sonic (S) $0.34 ↑ 0.25%
Pump.fun Pump.fun (PUMP) $0.00 ↓ -4.60%
Conflux Conflux (CFX) $0.19 ↓ -0.07%
PAX Gold PAX Gold (PAXG) $3,356.26 ↑ 0.04%
Tezos Tezos (XTZ) $0.89 ↓ -0.49%
Vaulta Vaulta (A) $0.58 ↑ 1.28%
Theta Network Theta Network (THETA) $0.91 ↑ 3.21%
PayPal USD PayPal USD (PYUSD) $1.00 ↓ -0.01%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 0.78%
IOTA IOTA (IOTA) $0.22 ↑ 2.46%
Nexo Nexo (NEXO) $1.32 ↑ 0.19%
Raydium Raydium (RAY) $3.09 ↑ 1.27%
Tether Gold Tether Gold (XAUt) $3,346.03 ↓ -0.02%
Gala Gala (GALA) $0.02 ↑ 1.37%
The Sandbox The Sandbox (SAND) $0.32 ↑ 2.56%
Aerodrome Finance Aerodrome Finance (AERO) $0.90 ↑ 0.53%
Pyth Network Pyth Network (PYTH) $0.14 ↑ 4.05%
Pendle Pendle (PENDLE) $4.43 ↑ 0.93%
Jito Jito (JTO) $2.01 ↑ 2.01%
Home Cryptocurrency

Why Did Coinbase Just Delist wBTC? Unveiling the Controversial Move

Shaiza Raja by Shaiza Raja
20 November 2024
in Cryptocurrency, News
Reading Time: 3 mins read
0
Coinbase Delists wBTC Amid Listing Concerns

Why Did Coinbase Just Delist wBTC? Unveiling the Controversial Move

Coinbase announced it would phase out Wrapped Bitcoin (BTC) from its exchange, starting with suspended trading on December 19, 2024. The development left many questioning this move, particularly after the recent launch by Coinbase of its own wrapped Bitcoin, cbBTC, on the Base blockchain.

WhatsApp Image 2024 11 04 at 08.16.30

Table of Contents

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    • Turbo Was the Starter, But Troller Cat Might Be the Main Course for Meme Coin Profits
  • The Rise of Coinbase’s cbBTC
  • Concerns Around wBTC’s Custody Structure
  • The Future of Wrapped Bitcoin

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Coinbase, the leading US-based cryptocurrency exchange, said it is removing wBTC from its platform “because it doesn’t meet our listing standards.” Coinbase added it routinely evaluates all assets offered on its site and removes those that fail to meet its proprietary requirements. That diligence led Coinbase to conclude it will suspend trading for wBTC, effective approximately 12 PM ET on December 19, 2024.

Wrapped Bitcoin (wBTC) is, simply put, a token that lets users utilize Bitcoin (BTC) on other blockchains, like Ethereum, by “wrapping” the same to represent Bitcoin value on the Ethereum network. While wBTC has been popular, particularly in decentralized finance (DeFi), it has come under the microscope in recent months.

The Rise of Coinbase’s cbBTC

The Rise of Coinbase's cbBTC

One aspect making this decision by Coinbase quite interesting is the fact that it is being made close to the launch of Coinbase’s own version of wrapped Bitcoin, called cbBTC. This is on a layer-2 network called Base, on which Coinbase has been working. Providing an alternative to wBTC- especially in the ever-growing decentralized finance space-cbBTC would be the closest alternative offered by Coinbase.

Coinbase’s cbBTC is being marketed as a direct competitor to wBTC, which, in large part, is custodial, that is, Bitcoin is always custodied by a centralized party, BitGo to facilitate its use on Ethereum or other blockchains. Coinbase is basically offering wrapped Bitcoin that is natively tied to its platform and, in some respects, raises questions on its very competitive edge against wBTC offerings.

Concerns Around wBTC’s Custody Structure

This is also tied to the fact that there have been recent concerns about the custodial structure behind the token. The company responsible for the custody of wBTC has recently gone into a joint venture with BiT Global, a custodian owned partly by cryptocurrency figure Justin Sun. The partnership raised alarm among some sectors within the crypto community as their reputation is suspect within the industry.

However, BitGo CEO Mike Belshe came into the defense of the collaboration stating his arguments while saying that critics were made aware with wrong information about Sun. According to Belshe, BiT Global has its legal structure that regulates a stakeholding to no more than 20% for one individual and decentralizes the custodian’s operations. In addition, the keys for wBTC custody would be split between multiple parties to ensure security, as highlighted by Belshe.

Belshe has also been pretty vocal about Coinbase’s cbBTC, arguing that the token is “way too centralized” and could be ruinous to the more decentralized ideals of the broader DeFi space. The Coinbase executive added in a pointed critique, “If the DeFi community picks central bank Coinbase as the ultimate steward, then I think all DeFi hope should be lost.” In Belshe’s opinion, the centralization of Coinbase’s approach to wrapping Bitcoin could be seen as antithetical to the values of decentralized finance.

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The Future of Wrapped Bitcoin

The Future of Wrapped Bitcoin

The decision by Coinbase to delist wBTC on its platform, in tandem with the launch of cbBTC, heralds the dawn of a new era in wrapped Bitcoin. It is now more apparent that competition among cryptocurrency exchanges and projects has grown, as everyone wants to be dominant in the market for these wrapped Bitcoin tokens.

As the industry waits to see what all this means for wider adoption of wBTC and cbBTC, the delisting also marks the challenges in custodial structures posed for wrapped tokens. The ongoing debate with centralization versus decentralization in the crypto space will continue to shape the future of wrapped assets like wBTC.

Stay connected to learn more about the Bitcoin with TurkishNY Radio by following us on Twitter and LinkedIn, and join our Telegram channel for more real time updates and insights.

Tags: cbBTCcoinbasecryptocurrencydecentralizationTokenizationWBTCWrapped Bitcoin
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