About Wrapped Bitcoin
Wrapped Bitcoin (WBTC) is an Ethereum token that is intended to represent Bitcoin (BTC) on the Ethereum blockchain. It is not Bitcoin, but rather a separate ERC-20 token that’s designed to track Bitcoin’s value. WBTC was created to allow Bitcoin holders to participate in decentralized finance (“DeFi”) apps that are popular on Ethereum. Through a WBTC partner, 1 Bitcoin can be exchanged for 1 Wrapped Bitcoin, and vice-versa. The BTC that backs WBTC is verifiable through a “proof of reserve” system that verifies the 1:1 backing between minted WBTC tokens and Bitcoin stored by custodians. WBTC is maintained by a group called the WBTC DAO that consists of over 30 members. It was originally started by BitGo, Ren, and Kyber.
Trading Insights
Traders
8.7K
Searched
73
Market Stats
Market Cap
£11.39B
FDV
£11.39B
Circ. Supply
129K WBTC
Max Supply
Not enough data
Total Supply
129K WBTC
Performance
Popularity
#9,173
Dominance
0.42%
Volume (24H)
£242.12M
-11.95%
Volume (7D)
£1.64B
Volume (30D)
£7.68B
All time high
£122.42K
Price Change (1Y)
84.6%
Past performance is not a reliable indicator of future results. Learn more about asset risks.
Investment risk
Baseline risk: All crypto-assets are risky, regardless of the type of token you hold. Here are some 'baseline' risks to be aware of before deciding to invest.
Investment risk: The performance of most crypto-assets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in crypto-assets.
Lack of protections: Crypto-assets are largely unregulated and neither the Financial Services Compensation Scheme (FSCS) nor the Financial Ombudsman Service (FOS) will protect you in the event something goes wrong with your crypto-asset investments.
Crypto-assets are complex: It may be difficult to understand the risks associated with a crypto-asset investment. Do your own research and if something sounds too good to be true, it probably is.
Don't put all your eggs in one basket: Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well. A good rule of thumb is not to invest more than 10% of your money in high-risk investments such as crypto-assets.
Wrapped tokens: Wrapped crypto-assets (e.g. cbETH, WBTC) (often referred to as 'wrapped tokens') are tokenised representations of other crypto-assets. They are typically created to facilitate compatibility and interaction across different blockchain protocols.
Smart contract risk: Wrapped tokens rely on smart contracts to ensure their value remains pegged to the underlying asset. These contracts could have vulnerabilities or flaws that can be exploited, potentially leading to a loss of funds.
Collateral risk: The value of a wrapped token is typically backed by an equivalent amount of the underlying asset. If the mechanisms ensuring this collateralization fail, the wrapped token's value might not be preserved.
Custodial risk: The underlying assets for wrapped tokens may be held in custody by a third party. If this party becomes insolvent, mismanages the assets, or is subjected to fraud or hacking, the value of the wrapped token might be jeopardized.
Bridging risk: Wrapped tokens are often used to bridge assets between different blockchain ecosystems. The integration layers that facilitate these bridges might suffer from technical issues, hampering the ability to transfer or utilize the tokens as intended.
Pricing disparity: In certain situations, the price of the wrapped asset and its underlying asset might diverge due to market inefficiencies or liquidity issues.
Additional details
Recent trends
The price of Wrapped Bitcoin has decreased by 0.57% in the last hour and increased by 0.50% in the past 24 hours. Wrapped Bitcoin’s price has also risen by 6.40% in the past week. The current price is £88,318.27 per WBTC with a 24-hour trading volume of £242.12M. Currently, Wrapped Bitcoin is valued at 27.86% below its all time high of £122,420.22. This all-time high was the highest price paid for Wrapped Bitcoin since its launch.
The current circulating supply of Wrapped Bitcoin is 129,018.24 WBTC which means that Wrapped Bitcoin has as total market cap of £11,387,799,476.51.
Market details
WBTC vs markets
↗ 14.46%
WBTC vs BTC
↘ 0.26%
WBTC vs ETH
↗ 88.84%
Tags
medium-of-exchange
defi
privacy
wrapped-tokens
+4
Network & Addresses
Network | Address | |
|---|---|---|
Ethereum | 0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599 | |
Avalanche C-Chain | 0x50b7545627a5162F82A992c33b87aDc75187B218 | |
Optimism | 0x68f180fcCe6836688e9084f035309E29Bf0A2095 | |
ADA | 0x6ab6d61428fde76768d7b45d8bfeec19c6ef91a8 |
Price history
Time | Price | Change |
|---|---|---|
Today | £88,318.27 | ↗ 0.50% |
1 Day | £87,838.84 | ↗ 0.50% |
1 Week | £81,741.18 | ↗ 6.40% |
1 Month | £78,984.04 | ↗ 10.31% |
1 Year | £49,450.21 | ↗ 84.60% |
Past performance is not a reliable indicator of future results. Learn more about asset risks.
FAQ
Wrapped Bitcoin (WBTC) is a tokenized version of Bitcoin (BTC) that operates on the Ethereum (ETH) blockchain. It adheres to the ERC-20 standard, which is the basic compatibility standard of the Ethereum blockchain. This compatibility allows WBTC to be fully integrated into Ethereum's ecosystem, including decentralized exchanges, crypto lending services, prediction markets, and other ERC-20-enabled decentralized finance (DeFi) applications. WBTC is backed by Bitcoin at a 1:1 ratio through a network of automatically monitored merchants and custodians. This aims to ensure that its price is pegged to Bitcoin and allows users to transfer liquidity between the BTC and ETH networks in a decentralized and autonomous manner.
The creation of Wrapped Bitcoin brings Bitcoin into the world of Ethereum's DeFi ecosystem. When users want to convert BTC into WBTC, the to-be-converted BTC is held by a custodian, who participates in the actual minting and burning of Ethereum-based tokens. When WBTCs are burned, the user can reclaim their BTC balance from the custodian. During minting, users send BTC to the custodian for storage and receive an equivalent in WBTC tokens. The user who wants to swap between WBTC and BTC performs a trade to move funds to the merchant. Once finalized, the user can use their BTC/WBTC as they see fit. If WBTC is converted to BTC, the associated Wrapped Bitcoin balance will be destroyed through a burn transaction.
As Wrapped Bitcoin tokens adhere to the ERC-20 token standard, they can be used across the broader Ethereum ecosystem. This includes trading them on decentralized exchanges and exploring decentralized finance opportunities through protocols and platforms supporting WBTC. DeFi opportunities for WBTC range from lending and borrowing to yield farming, token swapping, and liquidity pools. Various protocols and platforms support Wrapped Bitcoin. Using WBTC as collateral for a crypto-backed loan can be an option for businesses. Additionally, WBTC holders may receive compensation from supplying liquidity. Another potential use case for WBTC is in margin trading, where Wrapped Bitcoin may be used to trade Ethereum, stablecoins, and other ERC-20 tokens.
Wrapped Bitcoin was first announced on October 26, 2018, and officially launched on January 31, 2019. The Wrapped Tokens project, of which WBTC is a part, is a joint project of three organizations: BitGo, Kyber Network, and Ren. BitGo, co-founded in 2013 by American computer scientist and entrepreneur Mike Belshe, is an institutional digital asset custody, trading, and financial services firm. Kyber Network is an on-blockchain liquidity protocol that enables the integration of different cryptocurrency tokens and DeFi applications. It was founded in 2017 by Loi Luu, Victor Tran, and Yaron Velner. Ren is a company focused on cross-blockchain integration of cryptocurrency assets and DeFi applications via solutions such as RenBridge, RenVM, and others. It was founded in 2017 by Taiyang Zhang and Loong Wang.
We update our Wrapped Bitcoin to GBP currency in real-time. Get the live price of Wrapped Bitcoin on Coinbase.
The current market cap of Wrapped Bitcoin is £11.39B. A high market cap implies that the asset is highly valued by the market.
The all-time high of Wrapped Bitcoin is £122,420.22. This all-time high is highest price paid for Wrapped Bitcoin since it was launched.
Over the last 24 hours, the trading volume of Wrapped Bitcoin is £242.12M.
Assets that have a similar market cap to Wrapped Bitcoin include Wrapped TRON, Lido wstETH, Lido Staked ETH, and many others. To see a full list, see our comparable market cap assets.
The current circulating supply of Wrapped Bitcoin is 129 thousand.
Wrapped Bitcoin ranks 135 among tradable assets on Coinbase. Popularity is currently based on relative market cap.
Currently, 92% of Coinbase users are buying Wrapped Bitcoin. In other words, 92% of Coinbase customers have increased their net position in Wrapped Bitcoin over the past 24 hours through trading.
Wrapped Bitcoin news
Trending articles
Wrapped Bitcoin calculator
1 Wrapped Bitcoin (WBTC) to Canadian Dollar (CAD)
CA$162,210.40
1 Wrapped Bitcoin (WBTC) to Japanese Yen (JPY)
¥17,555,478.79
1 Wrapped Bitcoin (WBTC) to Indian Rupee (INR)
₹10,167,080.31
1 Wrapped Bitcoin (WBTC) to Real (BRL)
R$658,633.06
1 Wrapped Bitcoin (WBTC) to Euro (EUR)
€101,771.04
1 Wrapped Bitcoin (WBTC) to Nigerian Naira (NGN)
NGN 180,595,223.24
1 Wrapped Bitcoin (WBTC) to South Korean Won (KRW)
₩164,440,510.98
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Legal
This data was sourced in real-time from Coinbase and other third party market vendors. Real-time data may encounter temporary delays due to system performance or downtime.
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