What is Wrapped BTC (WBTC)?
Wrapped bitcoin (WBTC) is an Ethereum-based token that provides interoperability between Bitcoin and Ethereum, allowing Bitcoin holders to participate in Ethereum’s growing ecosystem of DeFi applications. In simpler terms, WBTC helps represent Bitcoin on the Ethereum network. An ERC-20 token is designed to mimic Bitcoin’s value so it’s easily trackable and usable on Ethereum. You can buy and sell WBTC for any major cryptocurrency, like BTC, ETH, and XRP or traditional currency such as Canadian Dollar, US Dollar, and Euro. Trading cryptocurrencies is like foreign exchange of traditional currencies – you trade WBTC for BTC the same way you trade CAD for USD. You can also trade WBTC to CAD based on the WBTC price. To learn how to buy Wrapped Bitcoin / WBTC, scroll down to see how to buy Wrapped Bitcoin.
How to buy Wrapped BTC (WBTC)?
Here's how to buy Wrapped BTC on Coinsquare
To buy Wrapped BTC, simply follow these steps:
1. Sign up for a Coinsquare account and verify your identity
This is the first step to buying WBTC. Verifying your identity helps us to properly connect your funds to your account.
2. Fund your account with Canadian Dollars
Funding is like putting gas into a car – it helps you get where you want to go.
3. After funding, select WBTC from the list on the trade section
Coinsquare lets you trade WBTC without leaving the app. You can also check the Wrapped BTC price and convert WBTC to CAD or USD on the platform.
4. Select a currency you’ve funded and use it to check the WBTC price
In the Coinsquare app, all currencies available to trade can be found in the drop down list.
5. Buy Wrapped BTC (WBTC)
Congratulations! You’re now the proud owner of WBTC. You can either HODL or use it to exchange WBTC to CAD or any other cryptocurrency listed on Coinsquare.
Where do I keep my Wrapped BTC (WBTC)?
At Coinsquare, we offer customers the power of easy transactions and cold storage security. Client assets are securely stored 1 to 1 in cold storage with approved custodians, kept separate from operational funds, and never utilized for lending purposes.
All client assets are held in trust with external, licensed custodians with a combined $680M USD in insurance. Additionally, CCML maintains Vault Risk insurance beyond those of its custodians that cover risks related to the cold storage of its clients’ crypto assets. And the cash held in your account is insured against insolvency by the Canadian Investment Protection Fund (CIPF). This means that in the unlikely event that Coinsquare (CCML) becomes insolvent, CIPF will cover any shortfall of cash held in client accounts up to $1 million CAD per account.
Ready to add Wrapped BTC (WBTC) to your portfolio?
Create your account, fund it with spare change and get a little bit of WBTC.
