We’re thrilled to announce the launch of Crypto.com Wrapped Bitcoin (CDCBTC), a tokenised version of BTC that lets you discover new possibilities with your BTC holdings.
Backed in a 1:1 ratio by BTC held in Crypto.com’s audited custody solution, CDCBTC grants holders access to the decentralised finance (DeFi) world with their BTC. They can use CDCBTC to engage with decentralised applications (dapps) offering services like collateralised lending, asset swaps, and yield generation.
CDCBTC is currently available via H2 Finance and VVS Finance on the Cronos chain, with more integrations coming soon.
Benefits of CDCBTC
- Bitcoin Adapted for DeFi: Overcome the Bitcoin network’s DeFi limitations and engage with smart contracts through CDCBTC
- Seamless Wrapping and Unwrapping: Crypto.com manages the wrapping process and secures the underlying BTC in a dedicated reserve wallet
- Fast Speeds, Low Fees: Enjoy potentially faster transaction speeds and lower fees compared to traditional BTC transactions
- Held by a Trusted Custodian: CDCBTC is over-collateralised by the underlying BTC held in Crypto.com’s audited custody solution
How It Works
Wrap BTC to CDCBTC on the Exchange by following these steps:
- Click Wallet
- Under BTC, click Withdraw.
- Click Select under External Wallet Address
- Select an account to withdraw to under Wallet Address. Click Add Withdrawal Address to whitelist a new wallet if you have yet to do so.
- Under Amount, input the amount of BTC you wish to wrap
- Under Wallet Source, select Non-Custodial Wallet
- Click Review Withdrawal to proceed. Your BTC will automatically be converted to CDCBTC.
You can now use CDCBTC on the Cronos network.
The transaction duration and fees are determined by the underlying blockchain network. BTC withdrawal fees on the Cronos chain are currently waived.CDCBTC is currently available in select jurisdictions. Visit the FAQ for details.
