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Wrapped Bitcoin

Wrapped Bitcoin (WBTC) is an ERC-20 token representing Bitcoin (BTC) on the Ethereum blockchain. Launched in January 2019, WBTC allows Bitcoin holders to use their BTC in Ethereum’s decentralized finance (DeFi) ecosystem. Each WBTC token is backed 1:1 by actual Bitcoin, which is held in reserve by custodians and can be fully verified on-chain. The WBTC protocol was developed through a collaborative effort led by BitGo, Kyber Network, and Ren.

The process of obtaining WBTC involves merchants and custodians. Merchants initiate the process of minting or burning WBTC, while approved custodians hold the Bitcoin backing the tokens. WBTC can be used in various Ethereum-based decentralized applications, including lending platforms, decentralized exchanges, and liquidity pools, enabling greater interoperability between Bitcoin and Ethereum networks. Governance of the WBTC protocol is maintained by the WBTC DAO, which includes various partners in the ecosystem.

Website: https://wbtc.network/
Twitter: https://twitter.com/WrappedBTC