About Coinbase Wrapped BTC
Coinbase Wrapped BTC (WBTC) is a digital token created by Coinbase representing Bitcoin on the Ethereum network. Functioning as an ERC-20 token, it aims to bridge Bitcoin's value to the DeFi world. Each WBTC is backed 1:1 by Bitcoin and can be exchanged for the same amount. This allows Bitcoin to be used in Ethereum-based apps and smart contracts, improving its usefulness and accessibility within DeFi.
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