$WBTC
what is Wrapped Bitcoin (WBTC)?
✓ It is a converted version of bitcoin that can be used on Ethereum-based platforms and its growing network of decentralized applications.
✓ It has a current market capitalization of $11.3 billion.
✓ It has a trading volume of $209.6 million as well as a circulating supply of about 129,100.
in detail...
Wrapped bitcoin is pegged to the value of bitcoin, but they use different underlying technology platforms.
Bitcoin uses its own blockchain technology to log transaction history. Many owners buy and hold it as a long-term store of value, rather than as a currency for transactions. The blockchain technology keeps it decentralized and secure — at least to the extent that the wallet or crypto exchange is secure.
Wrapped bitcoin is actually a token on the Ethereum decentralized finance (DeFi) network. That makes it easy to buy, sell and otherwise interact with other digital assets on the DeFi network, such as other cryptocurrencies and nonfungible tokens (NFTs). The DeFi network includes an entire ecosystem for protocols such as Dharma, MakerDAO, Compound and the Kyber Network.
Technically, WBTC is a “stablecoin,” meaning it’s a cryptocurrency backed by another currency. In this case, each WBTC coin is backed by an equivalent amount of bitcoin, held in trust by a custodian such as BitGo.
Investors can buy wrapped bitcoin through decentralized exchange Binance.
