Coinbase has announced that it is withdrawing Wrapped Bitcoin (WBTC) from its offerings due to its listing standards. Trading with the token will be permanently terminated on December 19. The move comes shortly after Coinbase launched its own “packaged” bitcoin, called cbBTC, on the Base network. Wrapped Bitcoin has recently come under scrutiny due to BitGo, the asset’s distributor, starting a joint venture with custodian BiT Global, partly owned by Justin Sun.
Some members of the crypto community have expressed concerns about Sun’s involvement, but BitGo CEO Mike Belshe has stated that Sun has minimal operational control over BiT Global and that the keys are shared between multiple parties. There is currently uncertainty about which token will be more successful, cbBTC or WBTC.
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<p>The post Coinbase Delisting Wrapped Bitcoin: Unveiling the Reasons first appeared on CoinBuzzFeed.</p>
