Coinbase Pro announces the launch of Wrapped Bitcoin (wBTC)

Written by: Ali Raza
October 16, 2020
  • After listing a number of DeFi tokens on Coinbase Pro, the exchange is now planning to add Wrapped Bitcoin.
  • The coin is expected to arrive on Monday, October 19th, with trading likely to begin the following morning.
  • Coinbase Pro plans to add support for wBTC in all supported jurisdictions, apart from the State of New York.

The leading US-based crypto exchange, Coinbase, has just announced the pending listing of yet another asset — Wrapped Bitcoin (wBTC). According to the exchange, support for the coin should be added to its Coinbase Pro platform next Monday.

Coinbase Pro to list wBTC

Coinbase, like many other major exchanges, has been listing quite a few cryptocurrencies lately. Most of the new listings include DeFi tokens, due to the major amount of popularity that the decentralized finance sector has received in 2020.

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Now, the exchange is delving deeper into DeFi by listing wBTC — an Ethereum-based version of Bitcoin, created to allow BTC to participate in decentralized finance.

According to its official announcement, Coinbase is still getting a large number of requests from its users to list more assets on the platform. Of course, the exchange is doing everything in its power to meet and grant these requests, while still staying true to the terms of its listing process.

It has already added a number of coins, including Balancer (BAL), Band (BAND), Ren (REN), Compound (COMP), Celo (CGLD), Maker (MKR), (YFI), Uniswap (UNI), Loopring (LRC), Numeraire (NMR), UMA (UMA), and OmiseGo (OMG).

In addition to that, it also supported some additional UK and European order books. However, now it aims to add more coins and tokens, with WBTC being the next in line.

When is Wrapped Bitcoin coming?

The announcement reveals that support for wBTC will arrive on Monday, October 19th, while trading will start on Tuesday, at around 9 am Pacific Time (PT) — provided that liquidity conditions are met, of course. At this time, Coinbase Pro will start accepting inbound transfers of the coin.

As soon as the platform establishes a sufficient supply of Wrapped Bitcoin, it will launch trading on wBTC-BTC and wBTC-USD, which will roll out in four phases — transfer-only, post-only, limit-only, and full trading.

The exchange warns that it will keep the book in one state for a longer period if the order books do not meet the exchange’s assessment for an orderly and healthy market. If this doesn’t happen even after a prolonged period, it is possible that it will even suspend trading completely, which is also in its Trading Rules.

Users can follow the progress of the phases on Twitter, by following Coinbase Pro’s official account.