Connect with us

Bitcoin

Binance lists WBTC amid the ongoing DeFi craze

Published

on



Binance, the world’s largest cryptocurrency exchange in terms of market capitalization, is listing another token to support the growth of decentralized finance, or DeFi.

Wrapped Bitcoin (WBTC), a new ERC-20 token pegged to the price of Bitcoin (BTC), is now tradeable on Binance, according to an Aug. 31 blog post by the exchange.

As officially announced, Binance users can now start deposit WBTC as well as trade the token against Bitcoin and Ether (ETH).

Introduced in 2019, Wrapped Bitcoin is an Ethereum-based token that represents Bitcoin, with one WBTC being equal to one BTC. WBTC is a joint initiative by major DeFi players like BitGo, Ren, Dharma, Kyber Network, Compound, MakerDAO and the Set Protocol. The token is designed to bring more liquidity into the Ethereum network with Bitcoin as well as implement it in the DeFi industry.

As part of WBTC’s functionality in DeFi, the token allows Bitcoin holders to keep holding BTC while also using DeFi apps like Compound to borrow or lend money.

Opposed to traditional finance, decentralized finance, or DeFi, envisions a brand-new monetary system built on top public blockchains. As DeFi platforms connect borrowers and lenders directly eliminating credit checks, and enable digital assets to be collateralized, DeFi provides decentralized lending as its key benefit.

The DeFi industry has been growing exponentially in 2020, with the total value locked in the market hitting $9 billion on Aug. 30. Uniswap, the most widely-used decentralized exchange on Ethereum, surpassed major crypto exchange Coinbase in daily volume on Aug. 30, as Cointelegraph reported earlier today.

As DeFi continues to see meteoric rise, the demand for WBTC is also up, hitting $274 million in circulation by mid-August.

Binance has been actively embracing the DeFi market this year. In August 2020, Binance launched DeFi staking in partnership with major industry players like Compound Finance and Kava Labs. In April, Binance issued a new DeFi token backed by the crypto asset, Ontology (ONT).



Source link

Bitcoin

BTC payments coming to certain Quiznos shops, thanks to Bakkt collaboration

Published

on

By



An upcoming collaboration between Bakkt and Quiznos will allow customers to pay for meals at certain locations with Bitcoin (BTC).

Customers will be able to pay in BTC at certain Quiznos shops in Colorado’s capital as part of an initial test run, according to a public statement on Tuesday. “The pilot will be available at select Quiznos locations across the Denver market, including the high-traffic Denver airport location, starting in mid-August,” the statement said.

Folks will be able to pay with Bitcoin via Bakkt’s app — a versatile hub for holding and spending Bitcoin, as well as managing reward points and other features. Quiznos is owned by REGO Restaurant Group. REGO’s president, Mark Lohmann, said in a statement:

“Partnering with an innovative platform such as Bakkt is appealing to us for a number of reasons, primarily because it allows us to accept bitcoin directly at the point of sale as part of a quick and seamless transaction […] As we continue our digital transformation journey and respond to mobile and millennial consumer demand for alternative and cryptocurrency payment options, we are excited to offer yet another accessible way for customers to buy a meal, in this case, through the Bakkt digital asset wallet.”

The test run comes with an extra perk as well. Quiznos goers will earn $15 of free Bitcoin if they get Bakkt’s app, purchase some BTC on it and then spend that BTC at a participating Quiznos shop, the statement included.

“Through a partnership with Bakkt, merchants and franchisees have the opportunity to accept bitcoin payments from consumers while still benefiting from a cash-settled experience,” the statement said. The statement was not clear on whether or not Quiznos would sell the received BTC right away.

Cointelegraph reached out to Bakkt for comment but did not receive a response in time for publication.