Coinbase plans to suspend trading of the bitcoin derivative token wrapped bitcoin (WBTC) next month, according to a post shared by the company on X. “We regularly monitor the assets on our exchange to ensure they meet our listing standards,” the exchange noted Tuesday at 12:14 p.m. ET. “Based on our most recent review, Coinbase will suspend trading for WBTC (WBTC) on December 19, 2024, on or around 12pm ET.”

The San Francisco crypto exchange added:

Trading will be suspended on Coinbase (Simple and Advanced Trade), Coinbase Exchange and Coinbase Prime. Your WBTC funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time.

The announcement comes on the heels of Coinbase rolling out its own bitcoin derivative token, CBTC. Bitcoin.com News highlighted Coinbase’s launch of CBTC on the Ethereum and Base blockchains back in mid-Sept., with the exchange also adding integration for Solana. Data from Dune Analytics shows that 15,070 CBTC are currently in circulation, distributed across three networks: 82% on Base, 16.3% on Ethereum, and the rest on Solana.

In the past 24 hours alone, CBTC has racked up a staggering $5.9 billion in transfer volume. Coinbase’s decision to step into this arena with CBTC seems like a natural progression. However, WBTC still leads the pack in terms of market presence. If ranked alongside other cryptocurrencies, WBTC boasts the 15th-largest market cap at $13.64 billion. According to Dune Analytics, WBTC accounts for over 85% of the bitcoin derivative token market, with 146,734 WBTC currently in circulation.

The delisting of WBTC marks a pivotal moment in Coinbase’s strategic pivot towards bolstering its own derivative token, CBTC. As the exchange recalibrates its offerings, the move emphasizes its focus on fostering adoption with its in-house innovations. With WBTC’s dominance in the market, the coming months will reveal whether CBTC and several of the other BTC-backed derivative tokens can carve out a larger slice of the wrapped bitcoin token space.

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