Binance could not remain indifferent to the growing market interest. Binance, the leader among cryptocurrency exchanges, announced that they will list one of the DeFi projects, Wrapped Bitcoin.
With rapidly developing new projects and increasing market interest, the DeFi sector is very popular. Last week, after the OKEx exchange listed 8 DeFi projects on the same day, a move came from the Binance front. Binance, one of the leading exchanges in the digital money market, announced that it will support one more decentralized finance projects. Wrapped Bitcoin (WBTC) is now listed on the world’s largest exchange, with the help of interest in the DeFi trend.
According to a statement from Binance’s official website, WBTC started to be listed on the Binance exchange as of this morning. Users will be able to trade for Wrapped Bitcoin on WBTC / BTC and WBTC / ETH pairs.
What is Wrapped Bitcoin (WBTC)?
Wrapped Bitcoin is an Ethereum-based digital currency that is pegged to the Bitcoin price. Launched in 2019, WBTC is actually an ERC-20 token representing Bitcoin. It can be said that WBTC is exactly a joint DeFi project. Wrapped Bitcoin has been launched with the collaboration of projects such as Set Protocol, BitGo, Dharma, Compound and MakerDAO, the leading initiatives of the decentralized finance world.
The purpose of WBTC is explained as transferring more liquidity to the Ethereum network via Bitcoin and adapting BTC to the DeFi market. With WBTC, DeFi allows investors to continue their investments in BTC, while also providing the opportunity to make use of their savings in projects such as Compound. In this way, Bitcoin users can step into the DeFi world without selling their Bitcoin.