Tokenized Bitcoins Running on the Ethereum Network are Now a Reality Thanks to Wrapped Bitcoin (WBTC)

After a short waiting period, on Jan 30, 2019, the Wrapped Bitcoin (WBTC) project was successfully launched. Announced in October 2018, the joint initiative promoted by Bitgo, Kyber Network and Republic Protocol (now Ren) aims to create a token that runs on the Ethereum network and is backed 1:1 by Bitcoins.

The project developers claim that such a token is necessary because most of the trading volume takes place in centralized Exchanges with Bitcoin as base currency; but WBTC aims to change that, standardizing Bitcoin to the ERC20 format, thus enabling smart contracts implementations for Bitcoin.

Original source

Add comment

Please Sign in to be able to leave comments.