We’re thrilled to announce the launch of Crypto.com Wrapped Bitcoin (CDCBTC), a wrapped Bitcoin token that lets you discover new possibilities with your BTC holdings.
Backed 1:1 by native BTC held in Crypto.com’s cold storage, CDCBTC allows holders to participate in dapps that provide numerous DeFi services, such as collateralised lending, asset swaps, yield generation, and more.
CDCBTC is currently available on Cronos and for use on VVS Finance, with integrations on more chains and protocols to come.
Benefits of CDCBTC
- Bitcoin Made Adaptable for DeFi: Overcome the Bitcoin blockchain’s DeFi limitations and engage with smart contracts using CDCBTC
- Seamless Wrapping and Unwrapping: Crypto.com manages the wrapping process and keeps the underlying BTC in a dedicated reserve wallet
- Fast Speeds, Low Fees: Enjoy potentially faster speeds and lower fees compared to traditional BTC transactions
- Held by a Trusted Custodian: Underlying BTC is held in Crypto.com’s audited custody solution and is set to always exceed CDCBTC’s supply
How It Works
Wrapping BTC to CDCBTC only takes a few simple steps:
- From the Crypto.com home screen, tap Accounts > Crypto Wallet > Transfer > Withdraw
- Select BTC and tap Withdraw
- Select to withdraw to either an external wallet or the Crypto.com DeFi Wallet
- For external wallets, tap + > Wallet Address to whitelist a new Cronos address
- Proceed with the withdrawal. Your BTC will automatically be converted to CDCBTC.
You’re all set! You can now use CDCBTC on the Cronos network.
Transaction processing time and fees are determined by the underlying blockchain network on which CDCBTC is wrapped. Withdrawal fees of BTC via the Cronos network are currently waived.
CDCBTC is currently available in select jurisdictions. Visit the FAQ for details.
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