[{"data":1,"prerenderedAt":330},["ShallowReactive",2],{"api/learn-center-post-en-GB-what-is-wrapped-bitcoin-wbtc":3,"en-gb/learn/cryptocurrency-guide/what-is-wrapped-bitcoin-wbtc-en-GB-seo":61,"footer-en-GB":66,"navigation-en-GB-learn-center":239,"api/learn-categories-en-GB":290},{"seo":4,"locale":28,"breadcrumbs":29,"excerpt":37,"featuredImage":38,"components":43,"title":5,"formattedPublishedAt":54,"geofencings":55,"category":56,"pagination":58,"campaignExternalId":8},{"title":5,"metaTitle":6,"metaDescription":7,"keywords":8,"metaRobots":8,"structuredData":9,"metaImage":10,"metaSocial":18,"canonicalURL":8,"localizations":19},"What is Wrapped Bitcoin? (WBTC)","What is Wrapped Bitcoin? (WBTC) | Bitstamp by Robinhood","What is Wrapped Bitcoin? How does WBTC work? Read our guide to Wrapped Bitcoin and start trading WBTC on Bitstamp by Robinhood – the original crypto exchange.",null,{},{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},"bitstampImageUrl/Wrapped_Bitcoin_1png_b5e8bcebee_07f56ba344.png","image/png",".png",1200,628,"Wrapped_Bitcoin_1png_b5e8bcebee.png","",[],[20,23,26],{"pathname":21,"locale":22},"/learn/cryptocurrency-guide/what-is-wrapped-bitcoin-wbtc/","en",{"pathname":24,"locale":25},"/es/learn/cryptocurrency-guide/what-is-wrapped-bitcoin-wbtc/","es",{"pathname":27,"locale":28},"/en-gb/learn/cryptocurrency-guide/what-is-wrapped-bitcoin-wbtc/","en-GB",[30,34],{"id":31,"text":32,"url":31,"asUrl":33},"/learn/cryptocurrency-guide/","Cryptocurrency guide",true,{"id":35,"text":5,"url":27,"asUrl":36},"what-is-wrapped-bitcoin-wbtc",false,"\u003Cp>Wrapped Bitcoin (WBTC) is a token that represents bitcoin (BTC) on non-Bitcoin blockchains—most notably Ethereum.\u003C/p>\n",{"url":39,"mime":12,"ext":13,"width":40,"height":41,"name":42,"alt":17},"bitstampImageUrl/Wrapped_Bitcoinpng_00b0da7019_c943cf31f6.png",900,450,"Wrapped_Bitcoinpng_00b0da7019.png",[44],{"component":45,"props":46,"content":47,"secondaryContent":51,"ctas":52,"secondaryCtas":53,"ctasNoMarginTop":36},"section.full-text",{"centered":36,"withoutSectionContainer":36},{"text":48,"width":49,"align":50},"\u003Cp>Wrapped Bitcoin (WBTC) is a token that represents bitcoin (BTC) on non-Bitcoin blockchains—most notably Ethereum.\u003C/p>\n\u003Cp>Since the early years of cryptocurrency, users have faced a significant issue with interoperability, that is, the ability to move assets from one blockchain to another. It has also been difficult to perform functions on more than one chain simultaneously. Over time, many developments have led blockchain technology towards an interoperable future.\u003C/p>\n\u003Cp>One such example is the use of \u003Ca href=\"/en-gb/learn/blockchain/what-are-blockchain-bridges/\">\u003Cstrong>bridges\u003C/strong>\u003C/a>\u003Cstrong>,\u003C/strong> which were developed to facilitate the transfer of crypto between smart contract-capable blockchains, as well as from Ethereum to its layer 2 solutions and back.\u003C/p>\n\u003Cp>Another common example, and one of the earliest solutions to the lack of blockchain interoperability, is token wrapping. A \u003Cstrong>wrapped token\u003C/strong> represents a cryptocurrency that would not otherwise be supported natively on a blockchain. One of the most popular of these is \u003Cstrong>Wrapped Bitcoin (WBTC)\u003C/strong>. WBTC tokens are minted on Ethereum (and other chains) and are backed by an equal amount of bitcoin held as collateral with a custodian.\u003C/p>\n\u003Cp>WBTC is important because it provides bitcoin price exposure for users of \u003Ca href=\"/en-gb/learn/web3/what-is-decentralized-finance-defi/\">decentralized finance (DeFi)\u003C/a> and makes a BTC-linked asset available outside of its native blockchain for trading against ether and other ERC-20 tokens (when wrapped on the Ethereum blockchain), for decentralized lending/borrowing, and for use on derivatives platforms.\u003C/p>\n\u003Ch2>How was Wrapped Bitcoin developed?\u003C/h2>\n\u003Cp>The whitepaper for Wrapped Bitcoin was published in January 2019 by three companies/groups: BitGo Inc, Kyber Network, and Republic Protocol (which later became Ren). In it the founders defined the concept of “wrapped” tokens using Ethereum’s \u003Ca href=\"/en-gb/learn/crypto-101/what-is-erc20/\">ERC-20 token standard\u003C/a>, and they promised the first wrapped token would be WBTC.\u003C/p>\n\u003Cp>BitGo is a California-based company that focuses on digital asset services including custodial services, and it serves as the sole custodian of the BTC that backs WBTC.\u003C/p>\n\u003Cp>Kyber Network describes itself as a “liquidity hub” for the DeFi space, providing tools to \u003Ca href=\"/en-gb/learn/web3/what-is-a-decentralized-exchange-dex/\">decentralized exchanges (DEXes)\u003C/a> and aggregating crypto \u003Ca href=\"/en-gb/learn/web3/what-are-liquidity-pools/\">liquidity pools\u003C/a> to help users execute efficient swaps using the KNC token. Kyber supports WBTC by being its main liquidity provider, a member of its decentralized autonomous organization (DAO), and by helping list WBTC on its network.\u003C/p>\n\u003Cp>The Republic Protocol, later re-named Ren, was perhaps best known for issuing renBTC to further its goal of increasing inter-blockchain liquidity. Republic Protocol, along with Kyber, was the first merchant to list WBTC.\u003C/p>\n\u003Cp>Since beginning to offer WBTC in 2019, the group has also begun offering both WBTC and WETH through similar means on the Tron blockchain.\u003C/p>\n\u003Ch2>How does Wrapped Bitcoin work?\u003C/h2>\n\u003Cp>For bitcoin to be traded on Ethereum, it must exist in an Ethereum-friendly format. \u003Cstrong>ERC-20\u003C/strong> is a formal token standard that forces digital assets to comply with certain specifications on its blockchain. This makes them fully fungible (interchangeable) and able to be used seamlessly across smart contract protocols. WBTC is simply a token that represents BTC as an ERC-20 token on Ethereum.\u003C/p>\n\u003Ch3>Wrapping and unwrapping\u003C/h3>\n\u003Cp>The process of minting (creating) and burning (destroying) WBTC is performed in several steps.\u003C/p>\n\u003Col>\n\u003Cli>A merchant, such as a centralized exchange or crypto project, submits a request to mint WBTC. Merchants must perform know-your-customer (KYC) identification and anti-money laundering (AML) checks before distributing WBTC to customers.\u003C/li>\n\u003Cli>The merchant then sends the required BTC collateral to BitGo, WBTC’s sole \u003Cstrong>custodian\u003C/strong>. BitGo then holds BTC in a 1:1 ratio with the WBTC it mints.\u003C/li>\n\u003Cli>The mint of WBTC is completed by BitGo and sent back to the merchant. \u003Cstrong>Of note\u003C/strong>, only merchants can exchange WBTC for BTC held by BitGo.\u003C/li>\n\u003Cli>Retail \u003Cstrong>users\u003C/strong>, crypto projects, and others obtain WBTC through either centralized sources (e.g. centralized exchanges) or DeFi channels (e.g. DEXes).\u003C/li>\n\u003Cli>Unwrapping requires merchants to send WBTC to BitGo to receive BTC in return—simply the reverse of the above process. As custodian, BitGo then burns the WBTC tokens on Ethereum.\u003C/li>\n\u003C/ol>\n\u003Cp>Importantly, WBTC can be considered a \u003Cstrong>crypto-backed\u003C/strong> \u003Ca href=\"/en-gb/learn/crypto-101/what-are-stablecoins/\">\u003Cstrong>stablecoin\u003C/strong>\u003C/a>, since BTC funds are held 1:1 in reserve for WBTC. These funds are published on the wbtc.network website, which serves as a \u003Ca href=\"/en-gb/learn/security/what-is-proof-of-reserves/\">\u003Cstrong>proof of reserves\u003C/strong>\u003C/a>.\u003C/p>\n\u003Cp>Because this system relies on merchants and a singular custodian, critics have pointed out that WBTC carries some centralization risk.\u003C/p>\n\u003Ch3>Other BTC-based tokens\u003C/h3>\n\u003Cp>Although WBTC was the first asset to track bitcoin and make its liquidity tradable on Ethereum, others have followed. On the “centralized” side, the Huobi exchange issues HBTC. Within DeFi, Ren protocol offered renBTC. Launched in 2020, tBTC is another BTC-pegged asset which uses smart contracts to be mint its token from overcollateralized BTC deposits.\u003C/p>\n\u003Ch2>How is the WBTC token used?\u003C/h2>\n\u003Cp>WBTC can be used like any other ERC-20 token on the Ethereum blockchain. This means it can be used in DeFi protocols or traded on centralized exchanges as a substitute for bitcoin, since its value is intended to track BTC’s price.\u003C/p>\n\u003Cp>Retail crypto users can obtain WBTC through DEXes like \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-uniswap-uni/\">Uniswap\u003C/a> or centralized exchanges like Bitstamp by Robinhood. This allows them to gain exposure to Bitcoin on other blockchains without having to directly wrap or unwrap their bitcoin with WBTC’s custodians.\u003C/p>\n\u003Cp>Importantly, because WBTC is a crypto-backed, BTC-pegged stablecoin, it does not have its own token economics (or \u003Ca href=\"/en-gb/learn/crypto-101/what-is-tokenomics/\">\u003Cstrong>tokenomics\u003C/strong>\u003C/a>). The supply of WBTC varies with how much BTC is held as collateral by BitGo. In 2021, this peaked at nearly $16 billion worth of BTC.\u003C/p>\n\u003Ch2>Wrapped Bitcoin essentials\u003C/h2>\n\u003Cul>\n\u003Cli>\u003Cp>Wrapped Bitcoin (WBTC) is a token linked to the price of bitcoin which is minted Ethereum and other blockchains to make bitcoin accessible in DeFi.\u003C/p>\n\u003C/li>\n\u003Cli>\u003Cp>WBTC is minted by a single custodian—BitGo—in exchange for BTC provided by merchants and held as collateral in a 1:1 ratio. Merchants then distribute WBTC to the broader crypto community.\u003C/p>\n\u003C/li>\n\u003Cli>\u003Cp>The fact that WBTC relies on a custodian has drawn criticisms, with some pointing to its centralization as being a risk factor for the cryptocurrency.\u003C/p>\n\u003C/li>\n\u003C/ul>\n","full","left",{"text":17},[],[],"July 29th, 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20 3868 9628","+442038689628",{},{},{"noFollow":36,"isExternal":36,"name":228,"value":229,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":230,"geofencings":231},"+1 800 712 5702","+18007125702",{},{},{"noFollow":36,"isExternal":36,"name":233,"value":234,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":235,"geofencings":236},"+352 20 88 10 96","+35220881096",{},{},"\u003Cp>Please read the general \u003Ca href=\"/legal/risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Warning\u003C/a>, and \u003Ca href=\"/legal/uk-investment-risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Summary\u003C/a> for UK residents before investing in crypto-assets. \u003C/p>\n\u003Cp>Crypto-assets services are provided by the following Bitstamp legal entities depending on client residency: (1) Bitstamp Europe S.A., which is authorized by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg as a payment institution (licence number Z00000012) and crypto-asset service provider (licence number N00000003); Registered address: 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg; Registration number: B196856; (2) Bitstamp UK Ltd., which is registered with the Financial Conduct Authority (FCA) in the UK for the provision of certain cryptoassets activities under the Money Laundering Regulations (Firm Reference Number 978690); Registered address: 5 New Street Square, EC4A 3TW London, United Kingdom; Registration number: 14174243; (3) Bitstamp Ltd.with its registered address at 5 New Street Square, EC4A 3TW London, United Kingdom and registration number: 8157033; (4) Bitstamp Global Ltd., which is registered as a Virtual Asset Service Provider in the British Virgin Islands and is supervised by the British Virgin Islands Financial Services Commission (FSC); Registered address: Floor 4, Banco Popular Building, Road Town, Tortola VG1110, British Virgin Islands; Registered number: 2086429; and (5) Bitstamp Asia Pte Ltd, which is authorized by the Monetary Authority of Singapore (MAS) as a major payment institution (licence number PS20200667); Registered address: 63 Chulia Street, OCBC Centre East, #15-01, Singapore 049514; Registered number: 202016687K;\u003C/p>\n\u003Cp>Virtual currency services to US residents are provided by Bitstamp USA, Inc., which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Licensed as a Money Transmitter by the New York State Department of Financial Services. Review a \u003Ca href=\"/legal/usa-inc/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">list of its licenses and other registrations\u003C/a> (NMLS number \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">1905429\u003C/a>) for more information; Registered address: 85 Willow Road, Menlo Park, CA 94025, United States of America; Registered number: 5481543.\u003C/p>\n\u003Cp>Investment services with regards to trading in crypto derivatives are provided by Bitstamp Financial Services Ltd., which is authorized and supervised by the Slovenian Securities Market Agency (ATVP) as a MiFiD investment firm. Trading crypto derivatives carries significant risks and may result in substantial losses. Please trade responsibly and ensure you understand the associated risks. You can find more about the risks \u003Ca href=\"/legal/financial-services/general-terms-and-conditions/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>. To help you understand the risks involved we have put together a series of \u003Ca href=\"/derivatives/key-information-documents/\" target=\"_blank\" rel=\"noopener noreferrer\">Key Information Documents (KIDs)\u003C/a> highlighting the risks and rewards related to each derivatives contract. Crypto derivatives trading is not available to customers in the US, Canada, Japan and some other countries. Bitstamp Financial Services Ltd. does not provide crypto-asset services.\u003C/p>\n\u003Cp>To find out more about which Bitstamp entity you receive services from, please check the Profile/My information in your Bitstamp account. You can read more about our legal terms, policies and disclosures \u003Ca href=\"/legal/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>.\u003C/p>\n","\u003Cp>All rights reserved © 2026 Bitstamp by Robinhood. \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">NMLS #1905429\u003C/a>\u003C/p>\n",{"items":240,"ready":33,"platformButtonText":286,"backButtonText":287,"logInButtonText":288,"signUpButtonText":289},[241,246,252,255,259,264,269,272,277,282],{"headerName":242,"sidemenuName":123,"url":243,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":244,"submenu":245,"tag":17},"Institutions","/en-gb/institutional-trading/",{},[],{"headerName":247,"sidemenuName":247,"url":248,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":249,"submenu":250,"tag":251},"Derivatives","/perpetual-futures/",{},[],"NEW",{"headerName":138,"sidemenuName":138,"url":139,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":253,"submenu":254,"tag":17},{},[],{"headerName":256,"sidemenuName":256,"url":111,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":257,"submenu":258,"tag":17},"Mobile App",{},[],{"headerName":260,"sidemenuName":260,"url":261,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":262,"submenu":263,"tag":17},"Markets","/markets/",{},[],{"headerName":265,"sidemenuName":265,"url":266,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":267,"submenu":268,"tag":17},"Earn Stake","/en-gb/crypto-staking/",{},[],{"headerName":115,"sidemenuName":115,"url":116,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":270,"submenu":271,"tag":17},{},[],{"headerName":273,"sidemenuName":273,"url":274,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":275,"submenu":276,"tag":17},"Blog","https://blog.bitstamp.net/",{},[],{"headerName":278,"sidemenuName":278,"url":279,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":280,"submenu":281,"tag":17},"Learn","/learn/",{},[],{"headerName":283,"sidemenuName":283,"url":111,"noFollow":36,"showInHeader":36,"showInSidemenu":33,"geofencings":284,"submenu":285,"tag":17},"Get Bitstamp by Robinhood app",{},[],"Go to platform","Back","Log in","Get started",[291,295,299,303,307,311,314,318,322,326],{"title":292,"url":293,"geofencings":294},"Blockchain technology","/en-gb/learn/blockchain/",{},{"title":296,"url":297,"geofencings":298},"Company profiles","/en-gb/learn/company-profiles/",{},{"title":300,"url":301,"geofencings":302},"Crypto 101","/en-gb/learn/crypto-101/",{},{"title":304,"url":305,"geofencings":306},"Crypto definitions","/en-gb/learn/crypto-definitions/",{},{"title":308,"url":309,"geofencings":310},"Crypto trading","/en-gb/learn/crypto-trading/",{},{"title":32,"url":312,"geofencings":313},"/en-gb/learn/cryptocurrency-guide/",{},{"title":315,"url":316,"geofencings":317},"People profiles","/en-gb/learn/people-profiles/",{},{"title":319,"url":320,"geofencings":321},"Security","/en-gb/learn/security/",{},{"title":323,"url":324,"geofencings":325},"Tutorials","/en-gb/learn/bitstamp-tutorials/",{},{"title":327,"url":328,"geofencings":329},"Web3","/en-gb/learn/web3/",{},1777532344080]