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Stock impact report

Coinbase Delists Wrapped Bitcoin wBTC, Citing 'Listing Concerns' [Yahoo! Finance]

Coinbase Global, Inc. - Class A (COIN) 
US:NASDAQ Investor Relations: convertedorganic.com
Company Research Source: Yahoo! Finance
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. This move came shortly after Coinbase announced its own version of wrapped bitcoin called cbBTC , which exists on the Base blockchain. Recently wBTC has come under a considerable amount of scrutiny after BitGo announced it was entering into a joint venture with BiT Global , a custodian partially owned by Justin Sun. While many in the crypto community expressed concerns about Sun's involvement, BitGo CEO Mike Belshe was quick to point out that Sun has minimal operational control over BiT Global – the custodian's legal structure means that no individual has more than 20% ownership – and the keys ar Show less Read more
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