Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: ABCbits on November 20, 2024, 09:57:46 AM
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Coinbase Delists Wrapped Bitcoin wBTC, Citing 'Listing Concerns'
Coinbase (COIN) says it is in the process of removing Wrapped Bitcoin (wBTC) from the exchange citing its “listing standards.”
wBTC is a token that represents bitcoin on ethereum and other blockchains. While wBTC is offered by BitGo, other similar products have the same concept: custodied crypto on one end, and a representation of the token on its non-native blockchain on the other... Read more here (https://www.coindesk.com/tech/2024/11/20/coinbase-delists-wrapped-bitcoin-wbtc-citing-listing-concerns).
What do you think about this delisting? Does Coinbase really concerned about BitGo partnership with Bit Global or actually wants to kick competitor? Your opinion is greatly appreciated.
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What do you think about this delisting? Does Coinbase really concerned about BitGo partnership with Bit Global or actually wants to kick competitor? Your opinion is greatly appreciated.
wBTC is listed on well reputed exchanges. Almost all the well known exchanges that I know has that token since many years ago. Also Coinbase listed the token but now want to delist it after they created their own. I see this as kicking out a competitor. This is unfair. Without Coinbase, wBTC will exist.
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wBTC is listed on well reputed exchanges. Almost all the well known exchanges that I know has that token since many years ago. Also Coinbase listed the token but now want to delist it after they created their own. I see this as kicking out a competitor. This is unfair. Without Coinbase, wBTC will exist.
Coinbase has listed WBTC but now it want to delist it because it does not meet its listing standards. I am not sure whether Coinbase listing standards have been updated or if WBTC has not achieved the minimum trading volume and holders as required, but I know that Coinbase has just launched its own cbBTC and it seems they do not want WBTC to be allowed to exist on Coinbase.
Anyway, as you said, the existence of WBTC does not depend on Coinbase, it is listed on Binance, Bybit, OKX, Bitget, Kraken and the trading volume on Coinbase accounts for less than 1% of the total trading volume of WBTC. WBTC investors can ignore this news!
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Well, what can we expect? Coinbase is doing business in the cryptocurrency industry focusing most of its energy in USA with the goal to make MONEY as much as possible. Naturally, it would not allow a competition right on its turf. And since Coinbase has decided to go for its own cbBTC and can be making an effort to promote it and make it known in the market and be used by as many people as possible, the kicking of wBTC is just a natural next action. This is just a simply business strategic move.
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What do you think about this delisting? Does Coinbase really concerned about BitGo partnership with Bit Global or actually wants to kick competitor?
Wrapped Bitcoin (wBTC) doesn't meet the "listing standards"???!! :o Did they just find out now???!!
So does Coinbase's wrapped Bitcoin (cbBTC) meet the listing standards?!!! This is bullshit.
It's clear that they just want to get rid of a strong competitor, because wBTC is much older and more popular than cbBTC (Although both are garbage in my opinion).
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I read the article, but didn't find what the listing concerns are, i am guessing Coinbase are simply using this as an excuse to delist wBTC from their platform. The real reason is because of the launch of cbBTC, however, for people who use wBTC, they can use wBTC in other exchanges, and there are a lot of them that support it.
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Well, what can we expect? Coinbase is doing business in the cryptocurrency industry focusing most of its energy in USA with the goal to make MONEY as much as possible. Naturally, it would not allow a competition right on its turf. And since Coinbase has decided to go for its own cbBTC and can be making an effort to promote it and make it known in the market and be used by as many people as possible, the kicking of wBTC is just a natural next action. This is just a simply business strategic move.
Yeah, i'm aware it's one of their strategies. Although in past they use softer approach, see Crypto Exchange Coinbase Asks Users to Switch USDT for USDC (https://www.coindesk.com/business/2022/12/09/coinbase-asks-users-to-switch-usdt-for-usdc/).
I read the article, but didn't find what the listing concerns are, i am guessing Coinbase are simply using this as an excuse to delist wBTC from their platform. The real reason is because of the launch of cbBTC, however, for people who use wBTC, they can use wBTC in other exchanges, and there are a lot of them that support it.
Coinbase itself doesn't explicitly mention the reason. But on the news, these are paragraph mention the possible reason.
Recently wBTC has come under a considerable amount of scrutiny (https://www.coindesk.com/business/2024/08/15/bitgo-reiterates-autonomy-from-justin-sun-tron-as-makerdao-decides-to-dump-wbtc/) after BitGo announced it was entering into a joint venture with BiT Global (https://blog.bitgo.com/bitgo-to-move-wbtc-to-multi-jurisdictional-custody-to-accelerate-global-expansion-plan-2ea0623fa2c8), a custodian partially owned by Justin Sun.
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Coinbase has listed worse tokens than wBTC so their listing policy is not based on what is best for users but rather the profitability of the platform. It is good to see that wBTC and other tokens have less influence although I doubt they will be affected by this delist.
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What do you think about this delisting? Does Coinbase really concerned about BitGo partnership with Bit Global or actually wants to kick competitor? Your opinion is greatly appreciated.
only someone gullible will believe their reasonings they obviously just want to focus on their own wbtc called cbbtc which i do not put against them since it makes sense that they would like to promote their own platform and its services all i know is they might feel the decline of customers because of this
i know they want cbbtc to be used by most but right now wbtc is what is popular and well known so this delisting might do them bad for at least until they establish cbbtc
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which i do not put against them since it makes sense that they would like to promote their own platform and its services all i know is they might feel the decline of customers because of this
No i don't think so, Coinbase cannot experience a decline of customers because of this, just the same way i feel wBTC will not be affected by this. People who want to trade wBTC can do so in other exchanges and business continues. wBTC is not a 'major' coin, so this cannot affect Coinbase's customer base.
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--snip--
i know they want cbbtc to be used by most but right now wbtc is what is popular and well known so this delisting might do them bad for at least until they establish cbbtc
I agree, they could've taken softer approach such as offering lower fees when using/trading cbBTC or mention existence of cbBTC on their page which shows data/info about wBTC.
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What do you think about this delisting? Does Coinbase really concerned about BitGo partnership with Bit Global or actually wants to kick competitor? Your opinion is greatly appreciated.
Justin sun will have the keys to the WBTC managed by Bitgo even if he won't have all the keys it gives coinbase a good excuse to leave it and bring their own wrapped BTC they are also facing suits from SEC but when on 20th Jan the chairman will be resigned after that they can win the case.
The case is gone they will do anything under their accounts strict regulations should be in place to avoid that too. This is just business from coinbase nothing personal here. Will this increase the demand of BTC from Coinbase?
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Will this increase the demand of BTC from Coinbase?
I don't exactly know how many people used this wrapped BTC's instead of using BTC, obviously we know that wrapped BTC's isn't real BTC, but altcoins, however, i am sure a lot of people use it, because they want to use their coins in the Ethereum network. Coinbase are also launching their own wrapped BTC, which is cbBTC, so people who used wBTC on Coinbase might adopt it.
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For a while now, certainly in the last 3-4 months I've come across articles online mentioning some concerns with wrapped tokens in general, and I still can't speak to the validity of those claims, I just thought it was something to keep in mind.
That said, considering they now have their own version, it would not be an insane conclusion if you think they're kicking out the competition, it's the "smart" thing to do.
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Will this increase the demand of BTC from Coinbase?
Looking at CoinGecko data[1], total WBTC 24h volume on Coinbase exchange is only around $1.2 million. To be exact, $886K from WBTC/USD pair and $313 from WBTC/BTC pair. I don't expect there'll noticeable BTC demand on Coinbase, partially due to some trader would simply withdraw their wBTC and trade elsewhere.
[1] https://www.coingecko.com/en/exchanges/coinbase-exchange (https://www.coingecko.com/en/exchanges/coinbase-exchange)
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That said, considering they now have their own version, it would not be an insane conclusion if you think they're kicking out the competition, it's the "smart" thing to do.
If it is because of competition that Coinbase did what they did to wBTC, it is not a smart move in my opinion. It shows partiality and biasness. Also wBTC will likely not be affected because there are many other exchanges with higher wBTC volume that the token is listed.
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What do you think about this delisting? Does Coinbase really concerned about BitGo partnership with Bit Global or actually wants to kick competitor? Your opinion is greatly appreciated.
They wants to introduce their own wrapped BTC so that's why they are delisting it and I don't think it have to do something with the current developments of the company own WBTC made wiht Justin. Because actions like these are solely based on unbaised analysis and needs.
Instead this will open more business for the BTC as both companies (coinbase too) will buy BTC and use them to issue Wrapped BTC so that holding will increase the deamdn and the price and overall it's a bullish news.
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Coinbase itself doesn't explicitly mention the reason. But on the news, these are paragraph mention the possible reason.
Recently wBTC has come under a considerable amount of scrutiny (https://www.coindesk.com/business/2024/08/15/bitgo-reiterates-autonomy-from-justin-sun-tron-as-makerdao-decides-to-dump-wbtc/) after BitGo announced it was entering into a joint venture with BiT Global (https://blog.bitgo.com/bitgo-to-move-wbtc-to-multi-jurisdictional-custody-to-accelerate-global-expansion-plan-2ea0623fa2c8), a custodian partially owned by Justin Sun.
I had to double check if Coinbase really rejects products that's somehow related to Justin Sun. It seems to be the case because TRX is also not tradable there. I can also understand the allegations of beating competitions because of the timing but it could be just a coincidence.
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For a while now, certainly in the last 3-4 months I've come across articles online mentioning some concerns with wrapped tokens in general, and I still can't speak to the validity of those claims, I just thought it was something to keep in mind.
You would have done well to tell us the concerns you have been reading about, or maybe post the links where you read them. Take note that wrapped BTC's are not real BTC, if that is what you are talking about, wrapped BTC is an altcoin, so if you must use them, you should at least be aware of that.
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Well, you just got another taste of what Coinbase does best!
Now since Brian had a phone talk with Trump about the crypto industry I'm eagerly awaiting to see the reaction when they decide to replace Bitcoin with a creation of their own, we're seeing the whole decentralization dream going in fire and pieces and some still clap because the price went up 50 cents ;D