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    BiT Global Accuses Coinbase of Favoring Its Own Crypto, cbBTC, Over Wrapped Bitcoin

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    BiT Global has accused Coinbase of delisting Wrapped Bitcoin (WBTC) to promote its own version, Coinbase Wrapped BTC (cbBTC). Coinbase denies the charge, associating the delisting of WBTC with its usual review process of crypto assets. Despite being removed from Coinbase, DeFiLlama data indicates WBTC remains popular with more than $14 billion in total value locked, while Coinbase’s cbBTC currently has liquidity of around $1.5 billion according to CoinMarketCap.

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    So, here’s some crypto gossip for you. BiT Global believes Coinbase took Wrapped Bitcoin – or WBTC – off its listing to give a “competitive edge” to Coinbase’s own Bitcoin version, known as Coinbase Wrapped BTC (cbBTC). They told this piece to Cointelegraph.

    Remember November 19th, when Coinbase hinted it would suspend trading of WBTC? Well, they’re doing it because they’re saying WBTC didn’t meet their standards for listing tokens.

    BiT Global doesn’t buy it. A spokesperson emailed Cointelegraph on Nov. 20th saying it looked like Coinbase wanted to push their Bitcoin product – cbBTC – forward while kicking the biggest competitor, WBTC, off the platform.

    Coinbase retorted saying the WBTC delisting wasn’t about giving cbBTC an advantage. Instead, they said it had more to do with their regular review process of the assets on their exchange. They’ve planned to suspend trading for WBTC on December 19, 2024 at around noon ET.

    On another note, WBTC market trading is already a no-go at Coinbase and trades are only happening with limit orders. WBTC is a type of wrapper for Bitcoin tokens on other blockchain networks.

    BiT Global insisted that investors should have the freedom to select the asset that meets their needs. They added Coinbase had decided to take away this freedom from investors by delisting WBTC to promote their own Bitcoin wrapper.

    What’s more, on August 9, BitGo – which holds Bitcoin backing for WBTC– agreed to give Hong Kong-based crypto exchange BiT Global some control over the Bitcoin wallet. Some folks have contested this move given Justin Sun was involved, leading to concerns about potential misuse of collateral.

    Even with all this fuss, DefiLlama reports WBTC still tops the charts as the most favorite Bitcoin wrapper. It has more than $14 billion in total value locked (TVL) as of now.

    Not too far behind, cbBTC – launched on September 12 as a competitor for WBTC – is quickly becoming one of the preferred BTC wrappers, boasting some $1.5 billion in TVL according to CoinMarketCap.

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