Crypto.com Wrapped BTC
CDCBTC#0
$80,266
24H +0.9%7D +3.5%30D +12.3%
BLOCKINSIDERLoading| Exchange | Pair | 24h Volume | Spread | Trust | |
|---|---|---|---|---|---|
| VVS V3 (Cronos) | 0X2E53C5586E12A99D4CAE366E9FC5C14FE9C6495D/0X5C7F8A570D578ED84E63FDFA7B1EE72DEAE1AE23 | $2.70K | 0.61% | TRADE | |
| VVS V3 (Cronos) | 0X2E53C5586E12A99D4CAE366E9FC5C14FE9C6495D/0X062E66477FAF219F25D27DCED647BF57C3107D52 | $1.95K | 0.65% | TRADE |
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What is CDCBTC? Crypto.com Wrapped BTC (CDCBTC) is a token backed 1:1 by native BTC in Crypto.com’s custody, with the underlying BTC held in Crypto.com’s cold storage. CDCBTC allows bitcoin holders to access decentralised finance (DeFi) applications on chain.
Eligible Crypto.com users can obtain CDCBTC by withdrawing their native BTC from the platform to a supported non-BTC chain and swap CDCBTC for native BTC by depositing CDCBTC into their Crypto.com wallet. The Case for CDCBTC Bitcoin’s DeFi utilities on its native chain are limited because of a lack of smart contract functionality and compatibility with other chains.
Several wrapped BTC products have been created to address this problem, but many fail to sufficiently mitigate counterparty and security risks. CDCBTC aims to enable token holders to unlock BTC’s DeFi capabilities across multiple chains: on-chain trading, collateralised borrowing, yield farming, restaking, and more.
This will be done by offering a seamless and secure way to wrap and unwrap native BTC through the Crypto.com platform to multiple supported chains while addressing security issues by having the underlying BTC held in Crypto.com’s SOC 2 Type II compliant custodial solution.
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