Bitcoin Linked Token Created by Binance Swells, BTCB Now Provides $ 2.3 Billion Market Cap

In the past twelve months, packaged or synthetic bitcoin projects have exploded. For example, the digital token called bitcoin wrapped has 141,503 WBTC in circulation today, but the token named Bitcoin BEP 2 (BTCB) has gained momentum. As the Bitcoin-linked token currently has a higher market value than HBTC (27906), there are currently 39,719 BTCB in the wild. Binance-backed BTCB token leaped to 39.7K in circulation On April 6, Ki Young Ju, CEO of on-chain data web portal Cryptoquant, tweeted about an interesting transaction he caught on the chain. Binance has sent 26 thousand BTC to the BTCB backup [address]. BTCB is a token linked to Bitcoin in the Binance chain. BTCB's current circulating supply is 39,719 BTC and looks set to increase soon. "This could be a bullish signal for BNB," he said. The Bitcoin BEP 2 token, also known as BTCB, is a bitcoin-linked token that can be compared to competitors such as WBTC, HBTC, RENBTC, SBTC, and more. Binance made a detailed description of the BTCB project in June 2019. The company announced that it will launch a linked token for BTC and create linked tokens for other leading cryptocurrencies. "The main advantage of offering crypto-linked tokens is that it explicitly makes available to Binance Dex investors many coins that have their own blockchains and are not part of the Binance chain," the company told Binance. time. Ethereum-based Bitcoin-Linked Tokens Now Outperform Competitors Wrapped Bitcoin Project WBTC or Bitgo uses while Binance dominates BTCB Reserve Balance with 141,503 WBTC while Bitgo uses Wrapped Bitcoin Project. However, Binance is fast ahead of the pack with 39,000 BTC reserves in reserves. No doubt, Ethereum-based projects like WBTC, BTCB and others have reinforced the chain's role as the dominant side chain of BTC. The RSK sidechain has a supply of 925 RBTC and Li circulating from Blockstream. Read more

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