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Below you will find all the details about the coin. For more details you can visit the official website or the communication channels shown below. Details on the use of the currency in CoinRepublik are also displayed, such as the list of speculative markets, options or financial bets. If you are a token owner and would like to add it on CoinRepublik, please contact technical support.


Wrapped Bitcoin (WBTC)
Wrapped Bitcoin is a tokenized version of Bitcoin (BTC) that runs on the Ethereum (ETH) blockchain. WBTC is compliant with ERC-20 — the basic compatibility standard of the Ethereum blockchain — allowing it to be fully integrated into the latter’s ecosystem of decentralized exchanges, crypto lending services, prediction markets and other ERC-20-enabled decentralized finance (DeFi) applications....

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What Is Wrapped Bitcoin [WBTC] ?

Wrapped Bitcoin is a tokenized version of Bitcoin (BTC) that runs on the Ethereum (ETH) blockchain.

WBTC is compliant with ERC-20 — the basic compatibility standard of the Ethereum blockchain — allowing it to be fully integrated into the latter’s ecosystem of decentralized exchanges, crypto lending services, prediction markets and other ERC-20-enabled decentralized finance (DeFi) applications.

WBTC is also backed by Bitcoin at a 1:1 ratio via a network of automatically monitored merchants and custodians, ensuring that its price is pegged to Bitcoin at all times and allows users to transfer liquidity between the BTC and the ETH networks in a decentralized and autonomous manner.

Wrapped Bitcoin was first announced on October 26, 2018, and officially launched on January 31, 2019.
 
Who Are the Founders of Wrapped Bitcoin ?

The Wrapped Tokens project, of which WBTC is a part, wasn’t founded by individuals but is rather a joint project of three organizations: BitGo, Kyber Network and Ren.

BitGo, co-founded in 2013 by American computer scientist and entrepreneur Mike Belshe, is an institutional digital asset custody, trading and financial services firm. In addition to being one of the developers of WBTC, BitGo also serves as its original custodian — the entity that holds WBTC tokens and the keys needed to mint more of them.

Kyber Network is an on-blockchain liquidity protocol that enables the integration of different cryptocurrency tokens and DeFi applications. It was founded in 2017 by Loi Luu, Victor Tran and Yaron Velner and is based in Singapore. Along with Ren, Kyber Network has helped create WBTC and still serves as a merchant on its network — the institution that mints and burns WBTC tokens to maintain the 1:1 ratio of tokens to BTC reserves.

Similarly to Kyber, Ren is a company focused on cross-blockchain integration of cryptocurrency assets and DeFi applications via solutions such as RenBridge, RenVM and others. It was founded in 2017 by Taiyang Zhang and Loong Wang.
 
What Makes Wrapped Bitcoin Unique ?

By virtue of being the oldest and largest cryptocurrency on the market, Bitcoin can boast a massive user base and a liquidity pool of several dozen billion dollars. However, its blockchain functionality is relatively basic by modern standards.

Unlike Bitcoin, Ethereum was built from the ground up to support more advanced use cases by utilizing the technology of smart contracts, giving rise to an entire industry dubbed “decentralized finance.”

Ethereum and products derived from it offer their users such advanced financial instruments as lending and insurance, which do not rely on trusted intermediaries.

By “wrapping” BTC in the ERC-20 standard, WBTC enables full integration of a Bitcoin-like asset into this advanced environment of financial decentralized applications, bringing along the immense liquidity associated with the BTC market.

In addition, Wrapped Bitcoin makes the job significantly easier for exchanges, wallets and payment services that work with Ethereum: instead of having to run two separate nodes for ETH and BTC networks, they can support WBTC operations with just an Ethereum node.

Finally, Ethereum blockchain’s faster average blocktime — about 15 seconds vs 10 minutes respectively — increases the speed with which WBTC can be transacted, compared to actual bitcoins.
 
How Many Wrapped Bitcoin [WBTC] Coins Are There in Circulation ?

There is no predetermined schedule of WBTC issuance. Instead, WBTC is automatically minted or burned whenever users purchase or sell their tokens for Bitcoin via a system of merchants and custodians.

Because Wrapped Bitcoin is always backed by Bitcoin at a 1:1 ratio, the number of tokens in circulation is directly dependent on the amount of Bitcoin reserves in the WBTC network. As of October 2020, that number was just over 94,000 tokens, worth approximately $1 billion in total.
 
How Is the Wrapped Bitcoin Network Secured ?

WBTC tokens are secured by the parent blockchain they run on — Ethereum. In turn, ETH is protected by the Ethash proof-of-work function, a representative of the Keccak family of hash functions.
 
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Transactions in derivatives based on foreign exchange rates or the prices of precious metals, commodities or equity indices products carry a high degree of risk. Any transaction involving these products is exposed to, among other things, changes in a country's economic condition or political climate as well as acts of nature or terrorism - each of which may substantially affect the price or availability of the these derivatives. Speculative trading in derivate products is a challenging prospect with a high level of risk. You must therefore carefully consider your investment objectives, level of experience and appetite for such risk prior to trading these products. Most importantly, do not invest money that you are not in a position to lose. In addition, trading on a margin basis means that any market movement will have a magnified effect on your deposited funds. This can work against you as well as for you. The possibility exists that you could sustain a total loss of all the funds you have deposited. PipsTycoon's trading system is designed to automatically liquidate all open positions if your margin deposit is in jeopardy so that you cannot lose more than the funds you have on deposit in your account. We encourage you to employ such risk-reducing strategies as 'stop-loss' or 'stop-limit' orders, but you should be aware that market conditions may make it impossible to close out your order at the level specified. There are also risks associated with using an Internet-based trade execution software application including, but not limited to, the failure of hardware and software. ANNO1777 Labs maintains ‘back up’ systems and contingency plans to minimise the possibility of system failure. Before deciding to trade, you should become aware of all the risks associated with leveraged productstrading, and seek advice from an independent and suitably licensed financial advisor. Under no circumstances shall we have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to your trading operations any direct, indirect, special, consequential or incidental damages whatsoever.
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