CoinList now allows users to mint tBTC directly from their BTC wallets

Bitcoin • December 15, 2020, 12:53PM EST
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CoinList has added support for tBTC, an ERC-20 token backed one-to-one by bitcoin.

The move allows CoinList users to mint tBTC directly from their bitcoin wallets. tBTC is the second tokenized form of bitcoin added by CoinList after WBTC.

Such tokens allow users to participate in Ethereum-based decentralized finance (DeFi) applications and unlock yield-earning opportunities.

WBTC is the largest tokenized bitcoin, having a market share of nearly 80%. renBTC ranks second, followed by HBTC and tBTC.

When asked why added support for tBTC instead of renBTC, CoinList CEO Graham Jenkin told The Block that renBTC already gets "great support" on Curve and other platforms, so there was less direct demand for it on CoinList.

"So while renBTC support is on our roadmap, tBTC is where we're seeing demand right now," said Jenkin. "Part of this is due to the level of auditing that tBTC has undergone, as well as Nexus Mutual's role in protecting funds. These additional pieces are clearly giving our users confidence in tBTC."

 

AUTHOR

Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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