ERC-20 token started its operations this week
The token known as Wrapped started its operations this week thanks to the work of BitGo, Kyber Network and Republic Protocol
This Thursday, cryptocurrency Wrapped Bitcoin (WBTC) started operating under the ERC-20 code with bitcoin support.
This token was born thanks to the work of startup BitGo, Kyber Network and Republic Protocol, which created a method to represent Bitcoin as ERC-20.
The developers indicated that each WBTC is backed one by one with an equivalent amount of bitcoin.
They also indicated that this cryptocurrency was necessary, given that most of the volume of operations carried out in centralized exchanges are with bitcoin. Now, thanks to WBTC came to change this, it is possible to standardize bitcoin to the ERC-20 format, creating smart contracts for the cryptocurrency.
Those users who wish to use the cryptocurrency must first contact a “merchant” to offer them the bitcoins and complete the requirements of KYC and AML through them. Then these merchants authorize the “custodians” to coin the WBTC and only they can pay bitcoins back to the merchants if they request it.
K. Tovar
Source: Cointelegraph
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