What is Binance Wrapped BTC (BBTC)?

Binance Wrapped BTC (BBTC) is an ERC-20 token that represents Bitcoin (BTC) on the Ethereum network. It is issued through Binance's Token Canal program, which locks BTC on Binance's native chain and mints an equivalent amount of BBTC on Ethereum. This process ensures that each BBTC token is backed 1:1 by Bitcoin, allowing users to utilise their Bitcoin holdings on the Ethereum blockchain.

What is Binance Wrapped BTC (BBTC) used for?

Binance Wrapped BTC (BBTC) is used to enable Bitcoin holders to participate in the Ethereum ecosystem. By converting BTC to BBTC, users can engage in decentralised finance (DeFi) applications, such as lending, borrowing, and trading on decentralised exchanges (DEXs). This facilitates the use of Bitcoin in a wider array of financial activities, leveraging Ethereum's smart contract capabilities while maintaining the value of the original Bitcoin.

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BBTC	ERC20	ETH	0x9be89d2a4cd102d8fecc6bf9da793be995c22541	2020-10-23