Cryptocurrency token Wrapped: what is, features and exchanges
Wrapped Bitcoin is gaining more and more popularity. What does Wrapped up mean ? Literally translated from English – wrapped, shrouded. In cryptocurrency, the prefix Wrapped denotes the attachment of one currency to another (in terms of price). WBTC is completely dependent on Bitcoin at a 1: 1 ratio. The current price of one Wrapped Bitcoin is about 3.5 million rubles. WBTC works on the Ethereum (ETH) blockchain. Supports crypto lending, DeFi and other services. The token has been at the top since its release in 2019. Created by BitGo, Kyber Network and Ren. If you are wondering what is Wrapped Bitcoin, then read this article to the end!
Detailed information about Wrapped Bitcoin
WBTC is a combination of the very first popular but legacy cryptocurrency with an innovative variant. Bitcoin cannot boast of functionality and new standards of use, and with WBTC you can use the functions of automatic buying and selling, replenishment and freezing of the balance. ERC-20 (Ethereum Request for Comment) is a protocol that allows the creation of blockchain-related tokens. A protocol refers to a specific set of rules. This is a kind of bridge between different forms of Ethereum tokens. Benefits of Wrapped Bitcoin Cryptocurrency:
- blocking time 15 seconds, which increases transaction speed;
- extension of collateral types;
- no need to launch different nodes for networks (for those who work with Ethereum);
- no release schedule;
- protected by parent Ethash proof blockchain;
- Bitcoin has a much higher market cap than Ethereum, so WBTC is a profitable option;
- traders get huge liquidity.
The cryptocurrency is saved in the BitGo Trust reserve system, which makes it transparent and open. Public checks are available. The main advantage is the implementation of all operations without exchange rate fluctuations and in a short time. Also, compatibility plays a role in the usability of the token. Using the same standards makes it easier to work with cryptocurrencies (in particular with Ethereum). Wrapped offer should not scare traders – this is a more profitable and modern cryptocurrency.
Where to buy WBTC?
WBTC cryptocurrency is traded on some exchanges, both centralized and decentralized. Some of the main ones include:
- Coinbase Exchange.
- Huobi Global.
- Kyber Network.
- Crypto.com Exchange.