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Digital currency exchange platform, Coinbase now supports Wrapped Bitcoin (WBTC) at Coinbase.com and in the Coinbase Android and iOS apps, which begins Thursday 22nd October.
Customers can now buy, sell, convert, send, receive, or store WBTC on Coinbase. WBTC is available in all Coinbase-supported regions, with the exception of New York State.
What Is Wrapped Bitcoin (WBTC)
Wrapped Bitcoin (WBTC) is an Ethereum token that is intended to represent Bitcoin (BTC) on the Ethereum blockchain. It is not Bitcoin, but rather a separate ERC-20 token that’s designed to track Bitcoin’s value. WBTC was created to allow Bitcoin holders to participate in decentralized finance (“DeFi”) apps that are popular on Ethereum. Through a WBTC partner, 1 Bitcoin can be exchanged for 1 Wrapped Bitcoin, and vice-versa. The BTC that backs WBTC is verifiable through a “proof of reserve” system that verifies the 1:1 backing between minted WBTC tokens and Bitcoin stored by custodians. WBTC is maintained by a group called the WBTC DAO that consists of over 30 members. It was originally started by BitGo, Ren, and Kyber.
As gathered, one of the most common requests from customers is to be able to buy and sell more cryptocurrencies. Therefore, Coinbase has announced a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies, also investing in new tools to help people understand and explore cryptocurrencies.
Customers can sign up for a Coinbase account here to buy, sell, convert, send, receive, or store WBTC today.
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