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.
CoinJar’s Digital Currency and Exchange Services are operated by CoinJar UK Limited, a private limited company registered in England and Wales (company number 8905988). CoinJar UK Limited is registered in Australia by AUSTRAC as a digital currency exchange provider (Registration No. DCE100576400-001).
CoinJar Card is a prepaid Mastercard issued by EML Payment Solutions Limited ABN 30 131 436 532 AFSL 404131 pursuant to license by Mastercard Asia/Pacific Pte. Ltd. Mastercard and the Mastercard brand mark are registered trademarks and the circles design is a trademark of Mastercard International Incorporated. CoinJar Australia Pty Ltd ABN 75 648 570 807 promotes and distributes CoinJar Card as a Corporate Authorised Representative of EML Payment Solutions Limited. This material is general information only and does not consider your objectives, financial situation or needs and you should consider if CoinJar Card is right for you. We recommend you consider the Product Disclosure Statement before making any decision to acquire the product. The Target Market Determination for this product can be found here.
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