Please note: like most trading venues, we display the current mid-market rates in our price charts. When you trade, you get the current bid or ask price depending on whether you are buying or selling. There is always a slight difference between the mid-market and the current bid or ask prices. This is a natural result of how Exchange order books work.
Digital currencies are very high risk. Do not invest money you can’t afford to lose. Please consider the suitability of crypto for your individual position before trading.
About Wrapped Bitcoin (WBTC)
Think of Wrapped Bitcoin as regular Bitcoin’s proxy on the Ethereum network.
Ethereum is ground zero for the bulk of the decentralised finance (DeFi) ecosystem.
Bitcoin holders, via wrapping, can participate in a wide array of the network’s myriad DeFi applications and smart contracts. Wrapping creates a bridge between the Bitcoin and Ethereum blockchains. Wrapped tokens such as WBTC share similar properties and functionality to stablecoins.
A partnership involving REN, Bitgo, and Kyber Network led to the creation of WBTC, which began trading in January 2019. To facilitate transparency, Bitgo keeps an accurate, updated record of the number of WBTC in circulation.
Wrapping and unwrapping come down to two central processes: minting and burning.
Minting occurs when a market participant sends BTC to the custodian and receives an equivalent amount of WBTC in their Ethereum wallet. Burning is when the participant swaps that WBTC back into BTC.
How to buy Wrapped Bitcoin (WBTC)
With Uphold, you can set up an account, verify your identity and buy crypto with ease.
Here is how:
1. Go to Uphold.com and click ‘Sign up’
2. Enter your email address, phone number and your personal details
3. Tell us how you plan to use Uphold and provide some basic financial information (e.g., employment status and source of funds)
4. Verify your identity by providing an ID document and taking a ‘selfie’
… and you’re off to the races!
Just start trading.
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