Wrapped Bitcoin (WBTC)

Wrapped BTC (WBTC) is an ERC-20 token that represents Bitcoin on the Ethereum blockchain, enabling seamless integration of Bitcoin within decentralized finance (DeFi).

Wrapped Bitcoin (WBTC) is an ERC-20 token that represents Bitcoin on the Ethereum blockchain. Each WBTC is backed 1:1 by Bitcoin, meaning that for every WBTC in existence, there is an equivalent amount of Bitcoin held in reserve.The main purpose of WBTC is to facilitate the use of Bitcoin within the Ethereum ecosystem. By converting Bitcoin into WBTC, users can take advantage of Ethereum’s smart contracts and decentralized applications (dApps), allowing for greater flexibility in how they utilize their assets.WBTC is created through a process where Bitcoin is sent to a custodian, which then mints the corresponding WBTC. Conversely, when users want to convert WBTC back to Bitcoin, they return the WBTC to the custodian, who then releases the equivalent amount of Bitcoin.This bridging of two different blockchains enables users to enjoy the benefits and functionalities of both Bitcoin and Ethereum, expanding the use cases for Bitcoin beyond simple peer-to-peer transactions.

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