Buy Binance Wrapped BTC (BBTC)
What is Binance Wrapped BTC?
Binance Wrapped BTC (BBTC) is a wrapped form of Bitcoin that functions as an ERC-20 token on the Ethereum blockchain. It is designed to facilitate the use of Bitcoin within Ethereum’s decentralized finance (DeFi) ecosystem. BBTC represents Bitcoin in a 1:1 ratio, allowing Bitcoin holders to utilize their assets in Ethereum’s DeFi applications while maintaining the value tied to BTC.
How does Binance Wrapped BTC work?
BBTC works by issuing an ERC-20 token on Ethereum that mirrors the value of Bitcoin. This is achieved through a process known as "wrapping," where Bitcoin is locked in a custodial entity, and a corresponding BBTC token is issued on the Ethereum network. The process ensures that every BBTC token in circulation is backed by an equivalent amount of Bitcoin held in reserve, maintaining a pegged value of 1 BBTC = 1 BTC.
What are the potential use cases for Binance Wrapped BTC?
The potential use cases for Binance Wrapped BTC are abundant within the DeFi space on the Ethereum network. These include:
- Trading: BBTC can be traded on Ethereum-based decentralized exchanges (DEXs).
- Liquidity Provision: BBTC holders can provide liquidity to DeFi platforms like Uniswap.
- Lending/Borrowing: BBTC can be used as collateral for loans or lent on protocols like Compound.
- Yield Farming: Users can stake BBTC in various DeFi protocols to earn yields.
- Access to DeFi Derivatives: BBTC enables participation in various DeFi derivative products and synthetics available on Ethereum.
What is the history of Binance Wrapped BTC?
Binance Wrapped BTC was introduced as part of Binance’s Token Canal program, which aimed to bring more interoperability between different blockchain networks by issuing wrapped tokens. BBTC, part of the first batch of BTokens introduced under this program, was launched in October 2020. This initiative allowed Bitcoin to seamlessly integrate into the Ethereum ecosystem, providing more utility and liquidity options for BTC holders.
Coin Contract Addresses
Related Assets
Resources
Learn More About Binance Wrapped BTC
Frequently Asked Questions (FAQs)
What is the current price of Binance Wrapped BTC (BBTC)?
The Binance Wrapped BTC price is $155696.26 AUD, representing a +0.44% from the day prior.
Where is the best place to buy Binance Wrapped BTC (BBTC) in Australia?
The best place to buy Binance Wrapped BTC (BBTC) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Binance Wrapped BTC (BBTC) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Binance Wrapped BTC (BBTC)?
The trading volume of Binance Wrapped BTC (BBTC) is $339.2K AUD in the last 24hrs, representing a +0.44% from the day prior.
How can I buy Binance Wrapped BTC (BBTC)?
Binance Wrapped BTC (BBTC) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Binance Wrapped BTC (BBTC)?
The current market cap of Binance Wrapped BTC (BBTC) is $0 AUD.
Can I convert Binance Wrapped BTC (BBTC) to cash?
Yes - With Coinstash you can convert your Binance Wrapped BTC (BBTC) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Binance Wrapped BTC (BBTC) are there?
The current circulating supply of Binance Wrapped BTC (BBTC) is 0.
Is Coinstash a safe place to buy Binance Wrapped BTC (BBTC) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Binance Wrapped BTC (BBTC) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.