WBTC/INR: Convert Wrapped Bitcoin (WBTC) to Indian Rupee (INR)

Wrapped Bitcoin (WBTC) is a unique cryptocurrency that operates on the Ethereum blockchain, while maintaining a value pegged to Bitcoin. It's an ERC-20 token, which means it's compatible with the Ethereum network's standard, allowing it to be integrated into the Ethereum ecosystem. This integration enables WBTC to be utilized in various decentralized finance (DeFi) applications, such as decentralized exchanges and crypto lending services. The value of WBTC is backed by Bitcoin at a 1:1 ratio, maintained by a network of merchants and custodians. This ensures that the price of WBTC is always equivalent to Bitcoin, facilitating the transfer of liquidity between the Bitcoin and Ethereum networks.

The creation and operation of Wrapped Bitcoin is a process that brings Bitcoin into the world of Ethereum's DeFi ecosystem. When a user wants to convert their Bitcoin into WBTC, the Bitcoin is held by a custodian who participates in the minting and burning of Ethereum-based tokens. During minting, users send Bitcoin to the custodian for storage and receive an equivalent amount in WBTC tokens. When WBTC tokens are burned, the user can reclaim their Bitcoin balance from the custodian. The WBTC DAO, consisting of governing members, decides on significant upgrades and changes to the protocol. These members can also serve as merchants or custodians managing Bitcoin assets.

Wrapped Bitcoin, being an ERC-20 token, can be used across the broader Ethereum ecosystem. This includes trading on decentralized exchanges and exploring DeFi opportunities through protocols and platforms that support WBTC. These opportunities range from lending and borrowing to yield farming, token swapping, and liquidity pools. WBTC can also be used as collateral for a crypto-backed loan, providing a viable option for businesses. Additionally, WBTC holders can earn from supplying liquidity. Another potential use case for WBTC is in margin trading, where it can be used to margin trade Ethereum, stablecoins, and other ERC-20 tokens.

Wrapped Bitcoin is a part of the Wrapped Tokens project, a joint initiative of three organizations: BitGo, Kyber Network, and Ren. BitGo, an institutional digital asset custody, trading, and financial services firm, serves as the original custodian of WBTC. Kyber Network and Ren, both focused on cross-blockchain integration of cryptocurrency assets and DeFi applications, have helped create WBTC and serve as merchants on its network. The project was first announced on October 26, 2018, and officially launched on January 31, 2019. The number of WBTC tokens in circulation is directly dependent on the amount of Bitcoin reserves in the WBTC network, with no predetermined schedule of WBTC issuance.