Wrapped Bitcoin (WBTC)
| Market Cap | $3,441,194,339 |
|---|---|
| Trading Volume | $208,316,602 |
| Volume / Market Cap | 0.0605 |
| Total Supply | 183,148 WBTC |
| Max Supply | – |
Wrapped Bitcoin is currently trading at $18,785.82, after a price change of 5.08% in the last 24 hours.
Ranked as cryptocurrency #20 by capitalization today, WBTC market cap is valued at $3,441,194,339. WBTC trading volume reached $208,316,602 in the last 24 hours. We track cryptocurrency data live in real-time. Make your own forecast on WBTC coin price prediction page.
What is Wrapped Bitcoin?
Wrapped Bitcoin is a crypto coin having a one-to-one relation with Bitcoin and allows for integration with Ethereum wallets, smart contracts, and decentralized applications. It offers high liquidity for decentralized exchanges and financial apps. Wrapped Bitcoin was introduced officially in early 2019 through the combined efforts of three companies known as Ren, Kyber Network, and BitGo.
The trading volume for centralized exchanges is considerably higher in comparison to their decentralized counterparts. Wrapped Bitcoin plans to change that by providing the same liquidity offered by BTC.
Members of this decentralized organization form a community, and they have a say in who is joining or leaving it. Custodians ensure the security of the tokens and oversee the minting of new assets. They collaborate with different merchants who mint or burn the assets.
This network is based on a proof-of-reserve mechanism. Every WBTC token is supported by Bitcoin, and you can verify this by monitoring the transactional history. When a user requires a token, they have to place a request with the trader who completes the necessary procedures for identity verification. After this, the two parties can exchange BTC and WBTC.