What is Wrapped Bitcoin (WBTC)?
Wrapped Bitcoin (symbol: WBTC) is a cryptocurrency that represents Bitcoin (BTC) on the Ethereum blockchain. Wrapped Bitcoin is an innovation that effectively allows Bitcoin to be stored and traded on the Ethereum blockchain. According to the WBTC network each and every WBTC is backed with 100% transparency with one Bitcoin, so that the supply always remains one to one. Since WBTC is backed by Bitcoin at a 1:1 ratio via a network of automatically monitored merchants and custodians, this ensures that its price is pegged to Bitcoin at all times and allows users to transfer liquidity between the Bitcoin blockchain network and the Ethereum blockchain network in a decentralized, transparent and verifiable manner. One of the primary uses for WBTC is in the area of decentralized finance. Participation within decentralized finance is one of the key advantages of integration into the Ethereum network. The Ethereum blockchain enables WBTC to be used within decentralized applications (dapps) and smart contracts, which is how decentralized finance applications work. The Wrapped Bitcoin cryptocurrency is traded using the symbol WBTC.
What is Wrapped Bitcoin (WBTC)?
Wrapped Bitcoin (symbol: WBTC) is a cryptocurrency that represents Bitcoin (BTC) on the Ethereum blockchain. Wrapped Bitcoin is an innovation that effectively allows Bitcoin to be stored and traded on the Ethereum blockchain. According to the WBTC network each and every WBTC is backed with 100% transparency with one Bitcoin, so that the supply always remains one to one. Since WBTC is backed by Bitcoin at a 1:1 ratio via a network of automatically monitored merchants and custodians, this ensures that its price is pegged to Bitcoin at all times and allows users to transfer liquidity between the Bitcoin blockchain network and the Ethereum blockchain network in a decentralized, transparent and verifiable manner. One of the primary uses for WBTC is in the area of decentralized finance. Participation within decentralized finance is one of the key advantages of integration into the Ethereum network. The Ethereum blockchain enables WBTC to be used within decentralized applications (dapps) and smart contracts, which is how decentralized finance applications work. The Wrapped Bitcoin cryptocurrency is traded using the symbol WBTC.