How to Wrap Bitcoin?
Nov 4, 2020
What is wrapped Bitcoin?
Wrapped Bitcoin (WBTC) is an ERC-20 token backed 1:1 by Bitcoin and held at Bitgo Trust, and the underlying holdings are verifiable here. WBTC brings the liquidity of Bitcoin to the Ethereum ecosystem. Being an ERC20 token makes the transfer of WBTC faster than normal Bitcoin.
How to get WBTC?
Since WBTC is an ERC20 token, you can trade it on decentralized exchanges such as Kyber or Uniswap. If you want to swap BTC for WBTC, you can go through one of the WBTC merchants: Dharma, Kyber, Set Protocol, GOPAX, AirSwap, Prycto, Ren, and ETHfinex.
Coinlist is the place where you can wrap your BTC and unwrap your WBTC.
Where can I use WBTC?
You can use it for borrowing and lending in Compound protocol, TokenSets, as well as exchange it in most popular DEXes.