The idea of Wrapped Bitcoin, WBTC, first of its kind, belongs mainly to the three partners: Republic Protocol, BitGo and Kyber Network. Republic Protocol will be acting as the first merchant of WBTC. The merchants of WBTC are the ones who are bestowed with the key roles of for the WBTC community. They are the ones capable of distributing the tokens and working with the custodian of WBTC to mint and burn WBTC. Republic Protocol spoke to BlockPublisher about their role in the upcoming project. Republic Protocol said:
Republic Protocol is one of two Merchants in the ecosystem at this point, so we will be serving as a crucial piece of infrastructure in the larger system.
WBTC aims to bring bitcoin on the platform of ethereum. Regarding the idea and capability of WBTC, Republic Protocol explained the prospects of the project. Republic Protocol stated:
Moving any digital asset to the Ethereum ecosystem significantly expands its underlying use case given the developments coming out of said ecosystem (Decentralized Finance (DeFi), Loans via Dharma, shorting (sETH) via dYdX & Radar Relay, derivatives, margins, etc). All of these mechanisms will now be available to BTC and it’s especially useful for decentralized exchanges; getting BTC on an ETH based DEX is limiting from a technical and UX standpoint, so this is an immediate solution.
WBTC is a cross chain infrastructure that operates like TUSD in the regard that it remains in the circulation until bitcoin, pegged to it, is withdrawn. WBTC will be offering atomic swaps, a core focus for Republic Protocol, to its users to provide them with a secure way to exchange BTC and WBTC.
Republic Protocol is bullish on their upcoming project that will be released in the first month of next year. Republic Protocol, while looking forward to the WBTC, said:
Our team is also deeply involved in the strategic direction of this initiative and we’ll continue to serve in this capacity as we move forward. “It was clear there was a common interest/need to have BTC on Ethereum. The three of us all collaborated on a regular basis to design and implement the system. It’s been amazing to work alongside such great companies and I personally have a lot of respect for both BitGo and Kyber, and the way they conduct themselves technically” via Loong