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Wrapped Bitcoin Sees Record $57.1M in Tokens Minted by CoinList for Customers

CoinList set the record for most tokens minted in a day by a single merchant.

Oct 14, 2020 at 8:25 p.m. UTC
Updated Sep 14, 2021 at 10:09 a.m. UTC

Token investment platform CoinList minted a total of $57.1 million worth of wrapped bitcoin (4,997 WBTC) in back-to-back mints for its customers Wednesday, setting an all-time record for the most bitcoins wrapped by one merchant in a single day.

  • The previous daily record was set on Sept. 18 when Alameda Research minted $44.7 million (4,093 WBTC) in three separate mints, according to transaction data analyzed by CoinDesk.
  • Matthieu Jobbé-Duval, head of financial products at CoinList, told CoinDesk the firm is seeing a strong but “more balanced flow” in demand for WBTC after “a steady increase” in customer demand throughout the summer during the heights of the recent decentralized finance (DeFi) craze.
  • On Wednesday, CoinList also set a new record for the largest single mint of 3,697 WBTC.

Top 10 largest single WBTC mints in history.

  • Notably, CoinList mints WBTC only as a service for its customers, unlike other wrapped bitcoin merchants including Alameda Research, Three Arrows Capital and Grapefruit Trading that primarily deploy the tokenized capital themselves.
  • Wednesday’s eye-popping daily minting activity is sort of business as usual for the San Francisco-based company. Responsible for over 30% of all WBTC ever minted, CoinList continues to be one of the largest gateways to using bitcoin on Ethereum.
  • Approximately 105,132 WBTC are in circulation, according to the project’s website, representing more than 17,000% growth year to date.

Top 10 days of largest individual merchant mining activity

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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