Coinbase, the leading US-based digital asset trading platform, will suspend trading of six cryptocurrencies as part of its regular internal review.

Coinbase Delisting Announcement

On August 23, Coinbase revealed on X (formerly Twitter) that it will be delisting BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX).

Discontinuation Across All Tiers and Platforms

According to the announcement, these altcoins will be discontinued across all tiers and platforms, including Coinbase Pro, Coinbase Exchange, and Coinbase Prime. The comment will begin on September 6, 2023.

Upholding Quality Standards

The latest move aligns with Coinbase’s continued dedication to upholding the quality standards of its listed assets. After a thorough review, the company concluded that the removed assets did not meet the required listing criteria.

Significant Drops in Value

The delisting coincided with significant drops in the value of all six cryptocurrencies. Data from CoinMarketCap shows that BarnBridge (BOND) is down 6.21% in the past 24 hours, while DerivaDAO (DDX), which has a market capitalization of $4,780,000, is down more than 32%. Other tokens, including Jupiter (JUP) and Voyager (VGX), also saw significant declines.

Recent Developments

The announcement follows recent news that Coinbase will acquire an equity stake in cryptocurrency operator Circle Internet Financial and the Center Consortium’s jointly managed stablecoin operator USD Coin (USDC).

Additionally, Coinbase announced modifications to its debt buyback program earlier this month in response to lower-than-expected demand. Since the launch of the program, the company has revealed that bondholders have raised just over $50 million worth of bonds, well short of the intended target of $150 million.

The buyback initiative would see the San Francisco-based company buy back up to $150 million of its $1 billion notes due in 2031, with Citigroup Global Markets overseeing the offering.