Over the last twelve months wrapped or synthetic bitcoin projects have swelled a great deal.
On April 6, Ki Young Ju the CEO of the onchain data web portal Cryptoquant tweeted about an interesting transaction he had caught onchain.
The token Bitcoin BEP 2 otherwise known as BTCB is a bitcoin-pegged token that is similar to competitors like WBTC, HBTC, RENBTC, SBTC, and more.
Now WBTC or the Wrapped Bitcoin project that leverages Bitgo as the BTC reserve custodian towers over the Binance BTCB reserve balance with 141,503 WBTC.
There is no doubt that Ethereum-centric projects like WBTC, BTCB, and others have cemented the chain’s role as BTC’s dominant sidechain.
The BTCB tokens in circulation are 90% larger than RSK and Liquid’s reserves combined.
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New reports emerging from South Africa suggest privately held firms are converting a portion of their cash holdings into bitcoin as they seek to hedge against currency devaluation.