Do More With Your Bitcoin

Wrapped Bitcoin delivers the power of Bitcoin with the flexibility of an ERC20 token

WBTC is the first ERC20 token backed 1:1 with Bitcoin. Transparent, 100% verifiable, open and community led.

WBTC Logo Background
Find out more about WBTC

Join The Community

Starting January 2019

Kyber Network logo
Airswap logo
Republic Protocol logo
DDEX logo
BitGo logo
Kyber Swap logo
Hydro logo
Set Protocol logo
Compound logo
MakerDAO logo
Dharma logo
Prycto logo
IDEX logo
Gnosis logo
Radar logo
Blockfolio logo

Why Do We Need WBTC?

Liquidity image

WBTC brings greater liquidity to the Ethereum ecosystem including decentralized exchanges (DEXs) and financial applications. Today, the majority of trading volume takes place on centralized exchanges with Bitcoin. WBTC changes that, bringing Bitcoin’s liquidity to DEXs and making it possible to use Bitcoin for token trades.

Smart contracts image

WBTC standardizes Bitcoin to the ERC20 format, creating smart contracts for Bitcoin. This makes it easier to write smart contracts that integrate Bitcoin transfers.

Why ethereum image

Maintaining various nodes and managing transaction types in order to support multiple currencies can be onerous. Now exchanges, wallets, and payment apps only need to handle an Ethereum node.

Partners

Welcome to the first token that makes Bitcoin compatible with the Ethereum chain, jointly initiated by Kyber, Republic Protocol, and BitGo. Launch partners include Airswap, Ddex, Hydrogen, Set Protocol, Compound, Maker, Dharma, Prycto, Idex, Gnosis, Radar Relay and Blockfolio.

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Expand WBTC DAO information
WBTC DAO
The addition and removal of merchants and custodians will be an open process controlled by a multi-signature contract. Keys to the multi-sig contract will be held by institutions as part of the WBTC DAO.

How it works

To receive WBTC, a user requests tokens from a merchant. The merchant then performs the required KYC / AML procedures and verifies the user’s identity. Once this is completed, the user and merchant execute their swap, with Bitcoin from the user transferring to the merchant, and WBTC from the merchant transferring to the user.

How receiving works diagram

Minting refers to the process of creating new wrapped tokens. Minting in the wrapped framework is initiated by a merchant and performed by a custodian.

How minting works diagram

Burning is the action of redeeming Bitcoin for WBTC tokens, and only merchant addresses can do this. The amount to be ‘burnt’ is deducted from the merchant’s WBTC balance (on chain) and the supply of WBTC is then reduced.

How burning works diagram

Developed for Traders, Institutions, and Dapps