Coinbase to Suspend Wrapped LUNA (WLUNA) and UST Crypto Trading

Coinbase will suspend WLUNA crypto trading and UST on May 27th at 12pm ET – users will be able to hold it and transfer it off the platform.

WLUNA Crypto

On the Coinbase exchange help section is a ‘What is Wrapped LUNA (WLUNA section):

‘Wrapped Luna (WLUNA) is an Ethereum token that represents Terra (LUNA) on the Ethereum blockchain. It is not LUNA, but a separate ERC-20 token that tracks LUNA’s value. WLUNA was created to allow LUNA holders to trade, hold, and participate in decentralized finance (“DeFi”) dApps on Ethereum. Through a WLUNA partner, 1 LUNA can be exchanged for 1 WLUNA, and vice-versa.’

United States, Canada, UK and EU user can buy WLUNA on Coinbase.

LUNA requires 14 network confirmations, with withdrawal limits per time withdrawing:

• Minimum withdrawal – 0.000000000000000001 WLUNA
• Maximum withdrawal – 8,515 WLUNA

Buy WLUNA

You can buy WLUNA with low fees on Coinbase Pro – login with your Coinbase credentials – the maker / taker of 0.4% / 0.6% fee is cheaper compared to using the main Coinbase site.

There are four WLUNA trading pairs:

• WLUNA – GBP
• WLUNA – USDT
• WLUNA – USD
• WLUNA – EUR

While you aren’t buying LUNA on Coinbase your potential profit and loss (PnL) is still equivalent as the price of WLUNA is 1:1 with Terra (LUNA).

Exercise caution as Coinbase suspending WLUNA and TerraUSD (UST) could be a sign of incoming volatility, on or around the date of its delisting on May 27th – although it won’t be permanently delisted.

The price of WLUNA now is $0.00015, the same as the LUNA price.

eToro, which hasn’t listed Wrapped LUNA, decided to relist Terra (LUNA) on May 19th.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

  This article was written for Business 2 Community by Matt Williams.
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Author: Matt Williams

Matthew graduated from the University of York with a Bachelors in Interactive Media. Originally hailing from Northampton UK, Matthew has a keen interest in stocks and Fintech, with a passion for writing educational content on ways to earn sustainable side income online to achieve financial freedom. Beginning by writing freelance content for…

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