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Wrapped Bitcoin (wBTC) is a cryptocurrency pegged to the price of BTC and backed by real bitcoin reserves. It provides a creative way for Ethereum applications to integrate bitcoin. This grants bitcoin users access to decentralized finance (DeFi) applications and allows for Ethereum applications to gain additional liquidity.
In short, wBTC is an ERC20 token that represents bitcoin on the Ethereum blockchain. 1 bitcoin can be exchanged for 1 wrapped bitcoin and vice versa.
wBTC is currently managed by the wBTC DAO and was originally launched by BitGo, Ren, and Kyber Network.
Although wBTC represents Bitcoin on the Ethereum blockchain, they are totally different cryptocurrencies. You can still buy Bitcoin with wBTC on a cryptocurrency exchange such as Coinmama. Once you have wBTC in your exchange wallet, you can place a sell order for wBTC and receive Bitcoin in exchange. Remember, Bitcoin is still used as a trading pair for other cryptocurrencies.
Buying cryptocurrencies such as wBTC has never been easier. With Coinmama, you can buy wBTC from the comfort of your home or even via your phone while you are on the go! Our industry-leading customer service is available 24/7 to make your purchase simple, smooth, and secure. So, what are you waiting for?
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