Hybrid? “Wrapped” The token based on Ethereum and Bitcoin backed

Today, Thursday 31, Wrapped Bitcoin (WBTC) is launched; a token based on ETC-20 with 1: 1 Bitcoin support.

What is this?

According to the official press release, “WBTC brings greater liquidity to the Ethereum ecosystem, including decentralized exchanges (DEX) and financial applications. Today, most of the volume of transactions takes place in exchanges centralized with Bitcoin. WBTC changes that, bringing the liquidity of Bitcoin to the DEX and making possible the use of Bitcoin for token transactions.

The initiative of this digital currency was announced in 2018 by the security company Blockchain BitGo.

The WBTC token has been created in ERC-20 so that they are used through the Ethereum platform exclusively. It should be mentioned that the ERC-20 tokens work as a template so that developers can create tokens without having to write a code from cero.

According to the press release, Wrapped will allow new applications of Bitcoin in the Ethereum network.

An important point and that many have already been asked, is it really backed up or is it something like the Tether but with BTC? According to the press release, each WBTC is supported 1: 1 with BTC. The same has been audited by “other companies” although it is not mentioned which companies were the auditors.

The WBTC price is now available at CoinMarketCap (Coming soon on our website as well) and at the close of this note the price is negotiated at US $ 3470.