According to the latest development, Coinbase has delisted WBTC.
Wrapped Bitcoin (BTC), managed by privately held company BitGo, was known as a form of Bitcoin that bridges to the Ethereum network and can be used on that network. However, the altcoin’s position became controversial after BitGo recently formed a partnership with Tron founder Justin Sun.
So much so that Coinbase had launched its own wrapped asset, cbBTC, as an alternative to WBTC. It is reported that the recent delisting decision may also be related to this rival product it launched.
However, Coinbase stated in a post published on its official X account that the delisting decision was made after an “audit of the listing standards” of the listed assets and did not give a specific reason.
WBTC trading on Coinbase will be suspended, but users will still be able to withdraw their assets.
*This is not investment advice.