WBTC Delisted by Coinbase
Coinbase, world’s number one cryptocurrency exchange has announced it would be delisting the WBTC token that is pegged to Bitcoin’s price.
Some say it happened because Justin Sun, founder of Tron coin, bought WBTC team. And may be, CbBTC and Coinbase couldn’t handle fair competition so they delisted the competition. And used the SEC’s playbook while their product is inferior to wBTC and they have plenty of junk listed on their exchange.
Crypto currency exchanges handle competition in a cruel manner. CbBTC comes with a freeze option and smart contracts that are changeable – WBTC team cannot do this.
cbBTC is their reason why, but you guys didn’t think through the signaling from the Justin sun decision. That ultimately is the seed of all future doubt. Pribsvly more collateral damage to be expected.
— SQUIGMA (@lordsigma) November 20, 2024
WBTC comes with no freeze function.
CbBTC comes with a freeze option.
WBTC smart contract are not changeable.
CbBTC smart contract are changeable.
Bitgo's $WBTC token cannot be frozen.
Coinbase's $cbBTC can be frozen.
Not all tokenized versions of #bitcoin are same. https://t.co/taM8nFEn1D
— Authority Capital (@emphatic) November 20, 2024
In other words, Coinbase has delisted WBTC to push CbBTC narrative to its users, allowing them to freeze and blacklist addresses transacting with CbBTC directly via the smart contract.
Coinbase will not reconsider their decision because they are launching a competing wrapped BTC in their L2 and they will earn all the fees, so WBTC has now a direct competitor of Coinbase’s wrapped BTC and of course it is normal what they decided.