Coinbase Adds Wrapped Bitcoin (WBTC) & Custody Service to Support The Recently Launched Filecoin (FIL)
In its DeFi listing spree, Coinbase Pro has added the popular and fast-growing Wrapped Bitcoin (WBTC).
The San Francisco-based exchange has taken to list all the hot and happening DeFi products, and WBTC, which has grown to become the third-largest DeFi project with nearly $1.2 billion in total value locked (TVL), is the latest one.
An Ethereum token, WBTC represents Bitcoin on the Ethereum blockchain, where 1 BTC can be converted to 1 WBTC and vice-versa. This protocol allows bitcoin holders to participate in the popular DeFi space.
WBTC listing is announced with two trading pairs, USD and BTC.
Starting Monday, Oct. 19, WBTC will be available in all Coinbase’s supported jurisdictions except New York state.
Recently, Coinbase has added support for the likes of Yearn.Finance (YFI), Balancer (BAL), Uniswap (UNI), UMA, REN, Loopring (LRC) BAND, Compound (COMP), Celo (CGLD), Numeraire, and OmiseGo (OMG) along with supporting additional European and UK order books.
“We’re thrilled that Coinbase Custody is providing secure custody for FIL. Coinbase has a great track record of building new, innovative tools for its users,” said Juan Benet, Filecoin founder.
Filecoin is a decentralized storage network and marketplace where miners earn FIL tokens by renting open hard drive space, and clients pay them to store and retrieve their data.
Its testnet took off in China, and already “roughly $100M of storage hardware is humming on the testnet.”
“Buying hardware and converting it directly to crypto is key here,” said Muneeb Ali, co-founder of Blockstack.
Yesterday, the mainnet of the Filecoin network was launched at block 148,888, a number the team said signifies “prosperity for life” in Chinese, chosen “to honor the epic contribution by our Chinese mining community to Filecoin’s long-term success.”