Bitcoin-Pegged Token Crafted by Binance Swells, BTCB Now Commands $2.3 Billion Market Cap

Bitcoin-Pegged Token Crafted by Binance Swells, BTCB Now Commands $2.3 Billion Market Cap

Over the last twelve months wrapped or synthetic bitcoin projects have swelled a great deal. The digital token called wrapped bitcoin, for example, has 141,503 WBTC in circulation today, but the token called the Bitcoin BEP 2 (BTCB) has gathered some steam. Currently, there are 39,719 BTCB out in the wild today as the bitcoin-pegged token now has a larger market valuation than HBTC (27,906).

Binance-Backed BTCB Token Jumps to 39.7K in Circulation

On April 6, Ki Young Ju the CEO of the onchain data web portal Cryptoquant tweeted about an interesting transaction he had caught onchain. “Binance just sent 26k BTC to [the] BTCB reserve address. BTCB is a Bitcoin-pegged token on the Binance chain. The current circulating supply of BTCB is 39,719 BTC, and it seems this [will] increase soon. It might be a bullish signal for BNB,” the Cryptoquant executive said.

Bitcoin-Pegged Token Crafted by Binance Swells, BTCB Now Commands $2.3 Billion Market Cap

The token Bitcoin BEP 2 otherwise known as BTCB is a bitcoin-pegged token that is similar to competitors like WBTC, HBTC, RENBTC, SBTC, and more. Binance gave a comprehensive description of the BTCB project back in June 2019. The company said it was launching a pegged token for BTC but would also create pegged tokens for other leading cryptocurrencies.

“The main benefit of offering crypto-pegged tokens is that, obviously, this makes available to Binance Dex traders the many coins that have their own blockchains and aren’t native on Binance Chain,” the company said at the time.

Ethereum-Based Bitcoin-Pegged Tokens Tower Over the Competitors

Now WBTC or the Wrapped Bitcoin project that leverages Bitgo as the BTC reserve custodian towers over the Binance BTCB reserve balance with 141,503 WBTC. However, Binance has quickly moved ahead of the pack with its 39k stash of BTC held in reserves.

Bitcoin-Pegged Token Crafted by Binance Swells, BTCB Now Commands $2.3 Billion Market Cap

There is no doubt that Ethereum-centric projects like WBTC, BTCB, and others have cemented the chain’s role as BTC’s dominant sidechain. The RSK sidechain only has a circulating supply of 925 RBTC and Blockstream’s Liquid only has 2,884.67 LBTC in circulation.

The BTCB tokens in circulation are 90% larger than RSK and Liquid’s reserves combined. While combining data from RSK, Liquid, the BTCB contract, and “bitcoin held on Ethereum” stats from Dune analytics shows there is 229,194 BTC floating around on alternative chains.

What do you think about Binance pushing up the stash of BTCB reserves this week and the aggregate total of wrapped BTC in existence? Let us know what you think about this subject in the comments section below.

Tags in this story
/r/btc, Altcoins, Binance, Binance BTCB reserve balance, binance coin, Binance Smartchain, Bitcoin, Bitcoin (BTC), Bitcoin-pegged, Blockstream, bnb, BTC, BTCB, Cryptoquant, ETH, Ethereum, HBTC, Ki Young Ju, LBTC, Liquid, Renbtc, RSK, SBTC, sidechain, WBTC

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Published at Wed, 07 Apr 2021 01:30:06 +0000

ALTCOIN NEWS BITCOIN NEWS BLOCKCHAIN NEWS CRYPTOCURRENCY NEWS ETHEREUM NEWS EXCHANGES NEWS LITECOIN NEWS MARKET NEWS REGULATION NEWS
Gamestop
Important Facts of Gamestop Entering into Cryptomarket
UniFarm
UniFarm Raises $2 Million After Launching Innovative Farming Pool Featuring 17 Top DeFi Projects
XRP, FTX Token, Waves Price Analysis
#HODL #SHILL YOUR SH*T COIN! #SPOTTED! #VIRALS BITCOIN SCAM WATCH FUN QUIZZES
bitcoin-scams
Top 5 Bitcoin Scams you should be aware of!
Instagram Influencer Accused of Scamming Followers Out of $2.5M In Bitcoin Scams
five assorted color cars parked inside room
WHAT WILL YOU BUY WITH YOUR BULL MARKET GAINS?
FAQ'S INTRODUCTION TO BITCOIN INTRODUCTION TO BLOCKCHAIN INTRODUCTION TO CRYPTOCURRENCY EXCHANGES
Cryptocurrency
4 Amazing Perspectives of Cryptocurrency Characteristics, Everyone Should know
How bitcoin Transactions Work
Bitcoin For Beginners: 5 Plus Important Reasons Why You Should Understand The Future Impact of Bitcoin On Society
blockchain
5 Important points about Blockchain, Cryptocurrency, and Bitcoin(Safe or Not)
EXCHANGES WALLETS
coinbase
4 Best Crypto Coins on Coinbase
flat lay gadgets beside bearded man
ULTIMATE LIST : BEST BITCOIN AND CRYPTOCURRENCY WALLETS 2021
person shopping online
2021 BEST BITCOIN AND CRYPTOCURRENCY HARDWARE WALLETS TO STORE YOUR COINS SAFE

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.