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550 Bitcoins Locked in Ethereum-based Tokens Called WBTC

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Over 550 bitcoins ($5.8 million) are now locked in an Ethereum-based protocol as tokens called wrapped bitcoins.

A wrapped bitcoin is an Ethereum- based token which is backed by bitcoin and tied to its price. Similar to U.S.-dollar pegged stablecoins which are backed by locked reserves of U.S. dollars, wrapped bitcoin are backed up by locked amounts of bitcoin.

The coin’s purpose was to make the Ethereum network more stable and enable bitcoin funds to be used in Ethereum network dapps or decentralized exchanges.

“WBTC brings greater liquidity to the Ethereum ecosystem including decentralized exchanges (DEXs) ...

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