As the sole custodian for Wrapped Bitcoin (WBTC), BitGo’s integration with Osmosis launches a fully backed native WBTC on Osmosis, and bridges Bitcoin’s $1 trillion market cap to 60+ Inter-Blockchain Communication (IBC) enabled Cosmos appchains through the Osmosis DEX, unlocking new secure liquidity for the Cosmos ecosystem.
What is WBTC?
Wrapped Bitcoin (WBTC) is an Ethereum ERC-20 token backed 1:1 by Bitcoin, with proof of reserves fully transparent on-chain. By wrapping Bitcoin in an Ethereum-compatible format, WBTC brings the liquidity of Bitcoin into Ethereum’s decentralized finance (DeFi) ecosystem, making it usable in Ethereum smart contracts.
The process to get WBTC involves minting and burning.
To start minting WBTC, merchants send Bitcoin to a specific address, and in return, they receive an equal amount of WBTC (less fees) to their Ethereum address.
When redeeming WBTC for Bitcoin, merchants burn their WBTC via smart contract call, prompting the custodian, BitGo, to transfer an equal amount of Bitcoin back (less fees).
Learn more about WBTC from the WBTC White Paper, and learn how to verify WBTC proof of assets here.
BitGo’s Role
BitGo’s role as the custodian is crucial, being responsible for holding the actual Bitcoin that backs WBTC. This ensures that for every WBTC minted, there’s an equivalent Bitcoin in custody. Through a proof-of-reserve system, BitGo allows public verification, guaranteeing that the amount of WBTC in circulation is always backed by the same amount of Bitcoin. This transparency during the process of minting and burning ensures the 1:1 peg between WBTC and Bitcoin.
Why the BitGo-Osmosis Launch Matters
Osmosis is a pioneering force within the Cosmos ecosystem. Since its inception in 2021, Osmosis has been instrumental in popularizing the Inter-Blockchain Communication (IBC) technology, a vital component for ensuring transfers between Cosmos blockchains. Its track record speaks volumes: Osmosis has managed the lion’s share of IBC transfers, demonstrating both its technical prowess and the trust the community places in it.
Nuri Chang, VP of Product at BitGo, expressed enthusiasm for the partnership: “Joining forces with the Osmosis community reflects the increasing demand to tap into Bitcoin’s liquidity across various blockchains. As the exclusive custodian for WBTC, we are committed to the pillars of trust and transparency in the digital asset space.”
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BitGo is the digital asset infrastructure company, delivering custody, wallets, staking, trading, financing, and settlement services from regulated cold storage. Since our founding in 2013, we have been focused on accelerating the transition of the financial system to a digital asset economy. With a global presence and multiple regulated entities, BitGo serves thousands of institutions, including many of the industry's top brands, exchanges, and platforms, and millions of retail investors worldwide. For more information, visit www.bitgo.com.
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