BitGo With Group Of Companies Develops Wrapped Bitcoin Token
The group of companies, including the BitGo startup, Kyber Network, and others, presented Wrapped Bitcoin (WBTC), the BTC-pegged token developed on the basis of the Ethereum blockchain, on the last day of January 2019. This information is provided on the new cryptocurrency website.
The BitGo representatives announced about the initiative to create a token backed by BTC in a one-to-one ratio in the autumn of 2018. According to the website, Wrapped Bitcoin will offer customers various options of its use, in particular, on decentralized trading platforms, as a pledge for stablecoins or crediting in the Ethereum ecosystem.
WBTC is based on the ERC-20 standard, which is applied only on the Ethereum blockchain and allows creating new tokens. Wrapped Bitcoin diversifies the use of BTC in the Ethereum network, bringing liquidity into it.
All smart contracts of the new token were verified by unbiased firms. The information that WBTC is really backed by the first crypto in a one-to-one ratio can be checked in the blockchain.
Data on Wrapped Bitcoin is already available on CoinMarketCap. As of January 31, 05:29 (UTC), its value was $3495, the token took the 1927 position. The trading volume of WBTC amounted to $8387 over a few hours since the launch. At the same time, bitcoin was traded at a slightly lower level of $3494.
As previously reported, BitGo provided its institutional clients with an opportunity to deposit funds in fiat using bank transfers.