Cryptocurrency Q&A
Who owns Wrapped Bitcoin?
Who owns Wrapped Bitcoin?
Alessandra
Tue Jun 25 2024
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5 answers
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Could you elaborate on the ownership structure of Wrapped Bitcoin? I'm curious to understand who ultimately holds the underlying Bitcoin assets that are represented by Wrapped Bitcoin tokens. Are they held by a centralized entity, a decentralized network, or are they distributed among multiple stakeholders? Also, what mechanisms ensure that the Wrapped Bitcoin tokens remain backed 1:1 with actual Bitcoin? Is there a trusted third party involved in this process, or is it all done through smart contracts on a blockchain? I'd appreciate any clarity you can provide on the ownership and custody of Wrapped Bitcoin.
5 answers
benjamin_stokes_astronomer
Thu Jun 27 2024
Wrapped Bitcoin was pioneered by a collaboration of renowned entities in the blockchain industry.
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isabella_taylor_activist
Thu Jun 27 2024
Among these pioneers were BitGo Inc, a leading provider of digital asset security solutions.
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CryptoVanguard
Thu Jun 27 2024
Alongside BitGo, Kyber Network, a decentralized exchange protocol, also contributed to the development of wrapped bitcoin.
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SakuraSpirit
Wed Jun 26 2024
Ren, formerly known as Republic Protocol, was another significant contributor, bringing its expertise in cross-chain interoperability to the project.
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noah_wright_author
Wed Jun 26 2024
BTCC, a UK-based cryptocurrency exchange, offers a comprehensive suite of services related to digital assets. Its offerings include spot trading, futures contracts, and secure wallets, catering to the needs of a diverse clientele.
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