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Hedera brings Wrapped Bitcoin to DeFi: New opportunities for investors!
The Hedera Foundation integrates Wrapped Bitcoin (WBTC) to promote institutional DeFi on its HBAR network.
Hedera brings Wrapped Bitcoin to DeFi: New opportunities for investors!
The Hedera Foundation has made a significant move in the world of cryptocurrencies by partnering with BitGo and LayerZero. This collaboration aims to integrate Wrapped Bitcoin (WBTC) into the Hedera network. The launch of WBTC on Hedera marks an important advancement for the DeFi (decentralized finance) platform as it allows institutional investors to enter the DeFi market and leverage the benefits of Bitcoin in this sector. The launch was implemented with support from BitGo, BiT Global and LayerZero.
Wrapped Bitcoin is a tokenized Bitcoin that is backed 1:1 by Bitcoin (BTC). This gives Bitcoin holders the opportunity to participate in various DeFi activities such as lending, trading and liquidity provision. The DeFi market on the Bitcoin network is worth over $9.6 billion in total and is becoming increasingly important. Hedera, which operates with its cryptocurrency HBAR, sees the integration of WBTC as an opportunity to expand the use of Bitcoin DeFi, also known as BTCfi.
Technological support and rollout partners
LayerZero plays a crucial role in this integration with its innovative cross-chain infrastructure. This technology is supported by Stargate Finance and SaucerSwap, two platforms that also contribute to the success of this cooperation. The launch of WBTC on the Hedera network is seen as an essential step in activating idle Bitcoin liquidity in the DeFi space and encouraging interaction with institutionalized Bitcoin opportunities.
Currently, WBTC has a market capitalization of almost $13 billion and already has more than 126,000 BTC in custody. Additionally, tokenized Bitcoin holds a 65% market share of all tokenized BTC on the Ethereum network. These impressive numbers underscore WBTC's relevance in the broader crypto economy and its potential for new applications.
conclusion
The integration of Wrapped Bitcoin into the Hedera network represents a crucial step in the development of DeFi on the platform. Through this initiative, Hedera and its partners want to significantly increase the accessibility and use of Bitcoin in the DeFi sector and thus appeal to both private and institutional investors. Such developments are essential to further promote the sustainability and growth of the DeFi market.
For more information about this significant partnership and its impact on the DeFi market, see the article by Crypto News.