On Jan. 30, a gaggle of cryptocurrency builders and organizations formally launched a venture known as Wrapped Bitcoin (WBTC) on the Ethereum community. The ERC20 token is a coin backed by bitcoin core (BTC) reserves and has began buying and selling on a number of change platforms.
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The Introduction of Wrapped Bitcoin
Final October, a joint initiative by Bitgo, Kyber Community, and Ren (previously Republic Protocol), revealed the creation of a brand new ERC20 token known as WBTC. The new tokens are supposed to carry extra liquidity into the decentralized ecosystem between each chains, whereas additionally enhancing decentralized functions. Wrapped bitcoin (WBTC) is the primary ERC20 token backed 1:1 with BTC. The organizations that developed the protocol consider WBTC is the start of a multi-institutional framework for tokenizing any asset.
“WBTC will enable the Ethereum community to be…