Wrapped Bitcoin
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About Wrapped Bitcoin
Wrapped Bitcoin (WBTC) is a crypto project that aims to bridge the gap between the Ethereum and Bitcoin blockchains.
It is an ERC-20 token that is backed 1:1 with Bitcoin, allowing users to trade BTC on Ethereum-based decentralized exchanges (DEXs). WBTC was created by a consortium of companies, including BitGo, Kyber Network, and Ren. The project allows users to mint WBTC tokens by depositing BTC into a custodial wallet managed by BitGo.
These tokens can then be used for trading on DEXs or for other Ethereum-based applications. WBTC also provides a bridge between the two blockchains, allowing users to move their BTC onto the Ethereum blockchain and use it in DeFi applications or smart contracts. This allows users to take advantage of the low fees and fast transaction times associated with Ethereum while still being able to access their Bitcoin holdings.
