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Wrapped Bitcoin has officially launched today. The website which states "Do more with your bitcoin" touts the new ERC20 ethereum based bitcoin as a completely transparent, 100% verifiable, community led project that is backed 1:1 with Bitcoin.
Wrapped Bitcoin (WBTC) was launched today by security firm BitGo, Kyber Network and several other projects.
The coin will be backed 1:1 with bitcoin, making it the ethereum bitcoin essentially. The launch of the new project is explained as offering a "“wide variety of new decentralized use cases including on decentralized exchanges (DEXs), as collateral for stablecoinsor lending, for payments and flexible smart contracts within the Ethereum ecosystem.”
Read More: Wrapped BTC will allow Bitcoin trading on Ethereum networks
The ERC20 token means the project is based on the ethereum blockchain, essentially giving developers a framework to work off of. WBTC will look to implement the benefits of BTC and Ethereum together, stating “By bringing Bitcoin’s liquidity to Ethereum, WBTC also makes it possible for traders to use Bitcoin value for token trades on decentralized exchanges.”
Users can also check on-chain for proof of reserve matching the 1:1 bitcoin ratio. WBTC will be audited by third-party firms according to their website.
Currently, WBTC is purchasable on Kyber, IDEX, and AirSwap.
