IDEX Joins WBTC (Wrapped Bitcoin) Initiative to Bring BTC to Ethereum
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We are excited to announce that IDEX will be among several prominent launch members to support WBTC (Wrapped Bitcoin) — the first ERC20 token backed 1:1 with Bitcoin. Set to go live in January 2019, WBTC will use a transparent, 100% verifiable custodial, issuance and governance system to bring Bitcoin liquidity to the broader Ethereum-based decentralized ecosystem.
WBTC is a community-focused initiative and is the culmination of a joint effort led by BitGo, Kyber Network, and Republic Protocol. Decentralized exchanges and financial projects, including IDEX, MakerDAO, Dharma, Airswap, Compound, DDEX, Hydro Protocol, Set Protocol, and Prycto have all committed to support the adoption of WBTC as launch members.
Custody, Issuance and Transparency
The primary focus of the WBTC initiative is transparency. BitGo, the market leader in institutional-grade cryptocurrency security, will act as the initial regulated custodian upon launch, and all WBTC issued will be fully backed and verifiable on-chain. Registered “merchants” Kyber and Republic Protocol will be responsible for disseminating and redeeming WBTC tokens to users, who will be able to utilize the ERC20 asset across the Ethereum ecosystem.
WBTC DAO
Important changes to the initiative, such as the addition or removal of merchants and custodians will be decided as a collective through the WBTC DAO using transparent multi-signature contract voting. Applications to join the initiative as a custodian, merchant or DAO member will be open for all.
By combining the industry’s leading custodian with a multi-party, transparent issuance system, WBTC is a huge step forward in bridging liquidity between the BTC and Ethereum-based ecosystems. We cannot wait to support it on IDEX.” -Alex Wearn, CEO of Aurora (IDEX)
Look out for more news to come as we approach the WBTC launch date!
~The IDEX (Aurora) Team
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