“Wrapped Bitcoin” Launched on ETH!
February 1, 2019 5:16 am,
Wrapped Bitcoin (WBTC) is an Ethereum (ETH) based crypto backed by the bitcoin (BTC). It has launched on January 30th, 2019 on the crypto network’s website officially. The currency is an initiative by the BitGo, Kyber network liquidity and others, which is a blockchain security company.
The development of the coin as announced by BitGo back in October with the being backed 1:1 by BTC. A statement by the company went onto say the WBTC will provide users with a “wide variety of new decentralized use cases including on decentralized exchanges (DEXs), as collateral for stablecoins or lending, for payments and flexible contracts within ETH ecosystem.” These tokens are designed by the developers and to get used on the ETH platform. This ETH platform makes the well-organized token designs of the new. They also offer the sort of templates by the developers who can build the tokens. They are sparing them from coding the new crypto tokens. BitGo is a security company which is a certified cryptocurrency custodian company.
WBTC allows the new applications and also some of the new cases for the BTC’s on the ETH network. Wrapped BTC’s reported that the liquidity of the BTC’ s to the ETH token can be possible by bringing up the tokens for the users or the traders to use the BTC’s valued on decentralized exchanges.
According to the BTC chart, the BTC exchange rate went up to more than $1100 last December. That was when more people became aware of the digital currency, then the incident with Mt. Gox happened and it dropped to around $530. In 2014, we expected exponential growth in the popularity of BTC around the world with both merchants and consumers. India has already been cited as the next likely popular market that BTC could move into. Africa could also benefit hugely from using BTC as a currency of exchange to get around not having a functioning central bank system or any country that relies heavily on mobile payments. BTC expansion will be led by BTC ATM, mobile app and tools. WBTC are smart contracts which have been audited by the 3rd party agency firms. There will be a proof of reserve by showing the exact 1:1 ratio of minted WBTC to BTC in observable on blockchain system. Pricing the WBTC are available on the website of CoinMarketCap. The coin is trading at 3504.98 dollars. It is higher than the value of BTC, which is trading at 3501.28 dollars.
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