A stable coin that is based on Bitcoin has been launched on the Ethereum Blockchain. This token is officially “Wrapped BTC” (WBTC), was launched on Wednesday evening using the ERC-20.

This project was a joint initiative between Republic Protocol, Kyber Network, and the cryptocurrency company BitGo.

Davit Babayan, reported that “Major Banks are 3,233% more expensive than Bitcoin.” A financial advisor has reported this after he over-reached his withdrawal limits.

A point to recollect is that way back in 2014, Mae Watson Grote said to New York Times, “When I sat down and looked at my clients’ bank statements and saw that they had paid $110 in fees, I often ended up sending them to the check casher instead.”

Since the overall purpose of Bitcoin is to settle the payments using a decentralized network and to record the transactions on the network by making use of a native token like Bitcoin, ETH, XRP or even a stable coin, most of these transactions are peer-to-peer.

The major goal of WBTC is to bring in improved “liquidity to the Ethereum ecosystem” as well as to the decentralized exchanges and related financial applications.

Benedict Chan, CTO BitGo stated that WBTC possessed, “the stability of Bitcoin and Flexibility like Ethereum.” Being a stable coin, it is at par with the traditional bank notes that were once redeemable for gold. Bitcoin is the most liquid of the stable coins with the highest market capitalization. And, it is volatile as compared to the US dollar.

WBTC was listed on the cryptocurrency market data site on Wednesday evening with a reported 72.4214 WBTC on the Ethereum network. It has been a bit over-collateralized with $250,000 on the Bitcoin blockchain.

Being a smart contract technology, atomic swaps enables exchanging one cryptocurrency for another without centralized intermediaries like exchanges. The atomic swaps take place between the blockchain of various cryptocurrencies. They can as well be conducted off-chain from the main blockchain.

The cross chain technology provides Cross-organization (Bitcoin vs. Ethereum). A value for the transfer is created between the assets. Cross chain trading, therefore, makes crypto trading more attractive. Investors or traders who are participating in this quick contract process should satisfy the pre-defined requirements for the trading process for the trade to be marked as complete.

At the time of writing the news, Technical indicators were saying “sell.” The price of Bitcoin is different in different exchanges providing for excellent arbitrage opportunities.


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