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Wrapped Bitcoin, or WBTC, is a tokenized version of Bitcoin (BTC) operating on the Ethereum blockchain.
What is Wrapped BTC (WBTC)?
WBTC is compatible with Ethereum’s core compatibility standard, ERC-20. It fully integrates into the ecosystem of decentralized exchanges, crypto lending services, prediction markets, and other decentralized finance (DeFi) applications that support ERC-20.
WBTC is also backed by Bitcoin at a 1:1 ratio through a network of custodians and automated tracking, which ensures its price is always pegged to Bitcoin. This allows users to transfer liquidity between the BTC and ETH networks in a decentralized manner.
Wrapped Bitcoin was first announced on October 26, 2018, and officially launched on January 31, 2019.
As the oldest and largest cryptocurrency in the market, Bitcoin has a substantial user base and a liquidity pool worth several billion dollars. However, its blockchain functionality is relatively simple by modern standards.
Unlike Bitcoin, Ethereum was built from scratch to support more advanced use cases using smart contract technology, leading to the emergence of a new industry known as “decentralized finance.”
Ethereum and its derivatives offer their users advanced financial tools like lending and insurance without relying on trusted intermediaries.
By ‘wrapping’ BTC into the ERC-20 standard, WBTC enables the seamless integration of a Bitcoin-like asset into this advanced decentralized application environment, bringing with it the immense liquidity associated with the BTC market.
Furthermore, Wrapped Bitcoin significantly simplifies operations for exchanges, wallets, and payment services running on Ethereum: instead of operating separate nodes for ETH and BTC networks, they can support WBTC transactions using just one Ethereum node.
Where to Buy WBTC Coin?
WBTC Coin can be quickly and securely purchased through the world’s largest cryptocurrency trading platform, Binance.
To buy WBTC Coin, you must first register with Binance and then send fiat currency such as US dollars. After that, you can perform the purchase operation on the Bitcoin (BTC) and Ethereum (ETH) WBTC trading pair.
In addition, at Binance, users can place buy orders not only at market price but also at a lower price. For this, use the Limit tab to enter the amount and price you want to buy at.
