Additionally, Chen Fang stated that BitGo is just the custodian and that all end-user minting and burning must pass through a WBTC network merchant before being traded at an exchange. Every single WBTC has a 1:1 backing that can be checked on chain.
On the Ethereum chain, Wrapped Bitcoin is a representation of Bitcoin. By lowering transaction cost obstacles and allowing Ethereum to benefit from the significant cash from the industry’s number-one currency, this coin packaging aids in the more streamlined growth of the DeFi market.
Many investors are worried about the WBTC split since the currency just lost its peg to BTC as a result of Alameda and DCG’s Genesis events.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
Cantor Fitzgerald plans a $2B Bitcoin Lending Program via Tether, leveraging Bitcoin as collateral and…
Sky Mavis workforce layoffs impact 21% of staff as the Axie Infinity developer announces strategic…
Bitcoin Spot ETF Inflows reached $3.38B last week, a new record with 7 weeks of…
ZA Bank crypto service has been launched for retail users to help them trade Bitcoin…
Discover the best altcoins to buy ahead of December 2024. Learn why Qubetics, Arbitrum, and…
Discover how BlockDAG is moving towards a $600M goal amidst Ethereum’s price challenges and Cardano’s…
This website uses cookies.