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26,918.50
-75.80
(-0.28%)
Real-time Data
Day's Range
26,918.50
26,918.50
52 wk Range
14,005.91
31,778.82
1-Year Change
39.37%
Rank
18
- Bid/Ask
- -
- Vol (24H)
- 105.90M
- Market Cap
- 4.38B
- Day's Range
- 26,918.5-26,918.5
- 52 wk Range
- 14,005.91-31,778.82
- Max Supply
- -
- Circulating Supply
- WBTC162.89K
- Rank
- 18
Type:Currency
Group:Minor
Base:Wrapped Bitcoin
Second:US Dollar
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orFAQ
What is Wrapped Bitcoin?
Wrapped Bitcoin is the tokenized version of the premier digital asset Bitcoin. It was developed by BitGo, Kyber Network, and Ren to plug into the booming decentralized finance (DeFi) ecosystem. Wrapped Bitcoin tracks the original price of the crypto bellwether and enables DeFi users to buy and sell Bitcoin on the Ethereum blockchain. It is backed on a 1:1 basis with the top digital asset.
Wrapped Bitcoin is an ERC-20 token and can be used in DeFi services offered by decentralized exchanges (DeXes) like crypto borrowing and lending services, prediction markets, and other ERC-compliant services.
Where to buy wrapped Bitcoin
Wrapped Bitcoin is available on several crypto exchanges like Binance, Coinbase, FTX, Kucoin, Huobi Global, and several others. Decentralized exchange (DeX) platforms like UniSwap, Curve Finance, SushiSwap also offer wrapped Bitcoin.
What is the difference between Bitcoin and Wrapped Bitcoin?
Bitcoin only operates on the first blockchain network and serves as the benchmark crypto for much of the crypto market. On the other hand, Wrapped Bitcoin is similar, but it plays a fundamentally different role from the original version.
It allows DeFi users to use the digital asset to complete several important transactions, essentially plunging Bitcoin into the DeFi pool. Wrapped Bitcoin is more like a stablecoin to Bitcoin itself.
How can I buy Wrapped Bitcoin?
Wrapped Bitcoin can be purchased from many official merchants, including CoinList, Binance, and several others. However, the tokenized version of Bitcoin is more readily available on DEX platforms like UniSwap and SushiSwap. You can use a centralized exchange which will require you to register an account with them.
However, using a DEX like UniSwap will enable you to buy Wrapped Bitcoin without any KYC process.
What are the benefits of Wrapped tokens?
Wrapped tokens have become a major hit with several DeFi users largely due to the liquidity the large-cap cryptocurrencies command. A cryptocurrency like Bitcoin with over $1 trillion in market cap gives a lot of room for financial services to spring up and allows users to provide much liquidity compared to a small-cap asset.
Another is that it enables more siloed networks like Bitcoin to participate in the evolving blockchain ecosystem. This can be great for investors who have more choices in selecting investment vehicles to work with.
How do Wrapped tokens work?
Wrapped tokens serve as a bridge between two separate blockchains. For instance, Bitcoin being used on the Ethereum blockchain allows Bitcoin’s large liquidity to stream over into the Ethereum network.
Wrapped tokens track the performance of the digital asset they are replicating, making them ideal for DeFi-facing financial transactions.