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Wrapped BTC (WBTC) is an invention of the DeFi movement. Pegged to the same value as Bitcoin itself, WBTC is a way of representing Bitcoin ownership on the Ethereum network (i.e. you lock Bitcoin in a smart contract and receive an equivalent amount of WBTC in return).
Having WBTC means you can use the Bitcoin you own on DeFi apps, for instance to purchase tokens on Uniswap or as liquidity pool collateral on a platform like Compound or Balancer.
By buying WBTC on an exchange like CoinJar, you’re bypassing the costly and complex “wrapping” process. While CoinJar can’t “unwrap” your WBTC for you, you’ll be able to convert it to regular BTC using the CoinJar app.
The Bitcoin underpinning this process is maintained by the WBTC DAO (decentralised autonomous organisation), a group of more than 30 companies and blockchains that includes some of the biggest players in the cryptocurrency space.
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