New Ethereum-Based Token to Be Backed by Bitcoin

U.S. crypto wallet and blockchain security firm BitGo has announced the development of an Ethereum (ETH)-based coin backed 1:1 with Bitcoin (BTC), according to an official blog post Friday, Oct. 26.

The announcement reads that Wrapped Bitcoin will provide users with a “wide variety of new decentralized use cases including on decentralized exchanges (DEXs), as collateral for stable coins or lending, for payments and flexible smart contracts within the Ethereum ecosystem.”

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