BTC is coming to Ethereum Network!
New token is coming called WBTC made by Kyber Network, Republic Protocol and the famous BitGo wallet that loads of exchanges use.
After its launched loads of exchanges said they will support it ie MakerDAO, Dharma, Airswap, Gnosis, IDEX, Radar Relay, Compound, DDEX, Hydro Protocol, Set Protocol and Prycto
BitGo will be holding WBTC collaterals and keep amounts right in circulation. We can say its a new stablecoin - but stable to BTC.
What does it mean? That loads of BTC can be moved to ETH blockchain while still existing on BTC chain. Marketcap of crypto can get really crazy due to this.
Interesting times.
Of course KNC and REN raised today (the tokens behind this idea) in prices.
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I honestly not impressed but it could just be me 🤷♂️
Also couldn't those "exchanges " do what bitshares exchanges do? Give them a bticoin deposit address and then issue them a token. Boom bitcoin on their exchange
it will make decentralized exchanges ot have extra volume and we will also have extra arb opportunities due to mess.. its good ;)
I kinda refuse to call them decentralized exchanges hence i made an edit and took out dex. They are more of noncustodial exchanges. Also it give more volume to them but not much if it works like a stablecoin. If it works aka you deposit bitcoins on that exchanges and then Bitgo
issues tokens than it might be something.
If you have to go to bitgo site to create the bitcoin tokens it won't get that much traction...
I get the reason why but it really not big news. Plus they could of just pulled a bitshares ;)
Just do what bitshares exchanges do? Give them a bticoin deposit address and then issue them a token. Boom bitcoin on their exchange.
But again could be just me 🤷♂️
Muchas gracias for the update @kingscrown and have a great weekend.
Is this true? When will gonna happen?
Thank you for sharing this. I also have an info about a stablecoin. TUSD is having a promotion made by an exchange. They did the trading fee to its lowest price so a lot of people will like it.
https://steemit.com/ethereum/@mrpsychosocial/earn-1-eth-with-whatsaround-app-like-instagram
try this! thanks...
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