Three companies from the cryptographic industry are developing Wrapped Bitcoin WBTC as part of a joint initiative.
New cryptocurrency, "Wrapped Bitcoin"(WBTC), was designed to combine the best features, such as Bitcoin fluidity, and the decentralized Ethereum ecosystem.
The project is to be fully supported by Bitcoin and is to be launched in January 2019 year.
Company BitGo, has raised 15 millions of dollars since Goldman Sachs and Galaxy DigitalIt is worth adding that Firma Galaxy Digital is a fully regulated institution, this means a safe cryptocurrency trading opportunity and a safe digital asset storage on behalf of institutional investors. The company has additionally joined the project Kyber Network.
Loi Luu, co-founder and CEO of Kyber Network commented on it,
“Ethereum applications such as decentralized exchanges and financial protocols will be able to use Bitcoin seamlessly, creating trading pairs with Bitcoin that were previously impossible. At the same time, trading via Bitcoin will be enriched with new decentralized opportunities such as exchanges, loans and token payments.
For the purpose of greater adoption and acquisition of a massive number of customers, the new cryptocurrency will benefit from the liquidity of Kyber and Republic Protocol (REN). Additionally, both projects want to implement in Wrapped Bitcoin WBTC (atomic swap").
Taiyang Zhanga, The Protocol of the Republic of CEO wrote,
"The addition of" atomic swap "technology to the WBTC project will allow users to safely and confidently deposit or withdraw BTC / WBTC deposits, it will help to gain a mass market."
Bitcoin tokenization through the network Ethereum it can be a powerful tool.
Thanks to Wrapped Bitcoin WBTC, both parties will be able to use smart contracts simultaneously using the advantages of Bitcoin, i.e. secure transfer of value over a distance.
For example, a smart contract can be used to buy real estate. Using Wrapped Bitcoin WBTC, it would be possible to conclude contracts via the blockchain, for example, the buyer would be able to pay for the house in Bitcoin via the Ethereum blockchain.
Several of the following decentralized exchanges and financial institutions are planning to participate in the launch of the project to accelerate the WBTC implementation process.
Here are a few of them.
MakerDAO, Dharma, Airswap, IDEX, Compound, DDEX, Hydro Protocol, Set Protocol and Prycto are on board, and BitGo acts as a patron.
According to the announcement, all issued Wrapped Bitcoin WBTC tokens will be fully secured and verifiable on the blockchain.
Let me know in the comments what you think about WBTC.