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What Wrapped Bitcoin Is and What’s So Special About It?

What’s Wrapped Bitcoin and What’s So Special About It?

A new token called Wrapped Bitcoin (WBTC), reportedly backed one-to-one by Bitcoin, is now live on the Ethereum blockchain. The project is a joint effort between decentralized exchange (DEX) startups Kyber Network and Republic Protocol and cryptocurrency custody company BitGo. The token’s purpose is to bring greater liquidity to the Ethereum ecosystem, according to the project’s website.