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Altcoins

Launch Members of Wrapped Bitcoin are Supportive of the Project

Introducing bitcoin on an ethereum platform is an idea that is very first of its kind. Previously, some of the founding members of Wrapped Bitcoin (WBTC), such as Kyber Network and Republic Protocol explained, the insight and detail of their upcoming project. The project is planned to be launched in January 2019 with the help of WBTC’s launch partners. Many of the launch members of WBTC support the project and encourage the initiative taken by founding members.

One of the launch partners, Maker spoke to the BlockPublisher and explained the reason behind their support for WBTC. While talking to BlockPublisher, Mike Porcaro, a representative of Maker, said:

We are supportive of the project because we think it creates a lot of opportunities for BTC holders to benefit from the scale and innovative projects on Ethereum. And it also opens ethereum based projects to a whole new world of possible users.

Furthermore, he also talked about the possibility of WBTC acting as a collateral type for Dai Credit system. He stated:

Specifically for Maker we think WBTC could be a really compelling collateral type for the Dai Credit System….. Of course MKR holders would have to vote to accept WBTC (as they will for any and all collateral types) before any new collateral types are added to the system when it goes live.

Besides Maker, IDEX, another launch partner, also spoke to the BlockPublisher. IDEX is one of the many other decentralized exchanges and projects who will be supporting and adopting WBTC. IDEX considers the gathering of leading custodian at a transparent, issuance system as a huge step. Forrest Whaling, head of Marketing at Aurora DAO, expressed the support for WBTC. He said:

I should point out that IDEX will be a Launch Member, in other words, we have agreed to support from day 1, within the WBTC initiative.

WBTC will be comprised of merchants and custodians in order to look after the processes of minting, burning and receiving. Receiving and burning will be solely monitored by merchants whereas minting will be supervised by both, merchant and custodian. Both, the founding members and launch members, look forward to their project.

Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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