Crypto.com recently announced that Wrapped Bitcoin (WBTC) is now available on DeFi Swap.
The development was also revealed via a Twitter announcement from Crypto.com.
Wrapped Bitcoin ( $WBTC ) is now on DeFi Swap!
Start now – https://t.co/V2wbfZnGsx pic.twitter.com/qiR1UKetfO
— Crypto.com (@cryptocom) September 16, 2020
It is pertinent to note that Crypto.com is responsible for providing the technology that contributes to the development of DeFi Swap.
Crypto.com users will now be able to swap WBTC. They can also become liquidity providers for WBTC in order to earn fees and increase their yields by almost 20x when they are staking CRO, the native token of Crypto.com.
What is WBTC?
WBTC (i.e., Wrapped Bitcoin) is an ERC-20 token that is backed 1:1 by Bitcoin. Being backed by Bitcoin, WBTC presents the Ethereum ecosystem with Bitcoin’s liquidity. Such Ethereum ecosystems include financial applications and decentralized exchanges (DEXs).
WBTC creates smart contracts for Bitcoin by upgrading Bitcoin to the ERC20 format. WBTC is now available on DeFi Swap to enable users to farm, swap, and stake using the digital currency.
Users can now purchase WBTC at true cost on Crypto.com, and the platform offers support for both bank transfers and credit cards. There are no user fees. Sadly, WBTC is not available for residents of the United States.
About DeFi Swap
On the 11th of September, DeFi Swap was launched on the Ethereum Mainnet. Powered by CRO, DeFi Swap is a great platform to farm and swap DeFi coins. In DeFi Swap, providers of liquidity can gain generous incentives when they contribute to liquidity pools with triple yield.
The triple yield includes the swap fee sharing, CRO DeFi yield, and the bonus liquidity provider yield for selected pools. By sharing 0.3% of the trading volume, the liquidity providers will also be rewarded according to the respective liquidity pools.
When liquidity providers stake CRO, their daily yield can be harvested in 30 days’ time. In addition, liquidity providers in selected pools will be eligible to receive tokens which can be redeemed when they participate in DeFi projects.
WBTC added to growing token list
It is pertinent to note that WBTC has joined a growing number of tokens listed on DeFi Swap. These tokens include Yearn Finance (YFI), (Wrapped) Ether (WETH), Tether (USDT), USD Coin (USDC), Dai (DAI), Chainlink (LINK), Compound (COMP) and Crypto.com Coin (CRO). Swapping can take place here.
Recently, Crypto.com announced an increase in the cashback amounts on purchases made using Crypto.com cards. The new cashback rates have been updated for two out of five Crypto.com cards. Also, these new rates will be effective on October 1, 2020.