Coincheck launches trading of WBTC tokens
Coincheck launches trading of WBTC tokens
Coincheck, the cryptocurrency exchange owned by Monex Group Inc., has announced the listing of Wrapped Bitcoin (WBTC) on its trading platform and the sale of these tokens in Japan starting October 11, 2023.
Wrapped Bitcoin (WBTC) is an Ethereum token that represents BTC on the Ethereum blockchain. It is not Bitcoin itself, but a separate ERC-20 standard token designed to track the value of BTC.
According to Coincheck's press release, WBTC will be offered on Coincheck's trading platform and exchange, with the company emphasizing that it will provide liquidity for a period of time from the start of listing on the exchange for a number of reasons.
It is expected that immediately upon listing, sell orders will lag behind buy orders due to fewer clients holding Wrapped Bitcoin (WBTC). Therefore, Coincheck will place sell orders (maker orders) to maintain a balance between buy and sell demand and ensure stable transactions.
It is worth noting that the price of Wrapped Bitcoin is designed to be fixed at 1WBTC=1BTC.
Wrapped Bitcoin (WBTC) uses Bitcoin (BTC) as collateral for its value. The token is produced and burned by a company that provides cryptoasset storage services.
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