Swipe Partnered with WBTC Network Enabling WBTC for DeFi

Swipe, a multi-asset digital wallet, partners with WBTC Network. Swipe becomes the official merchant for WBTC minting via the DAO Governance process on the WBTC Network. Thus, Swipe Wallet users can benefit from wrapping bitcoin (BTC) to Wrapped BTC (WBTC) and vice versa, while they can spend WBTC at over 60 million merchants globally.

While WBTC is the first ERC20 backed 1:1 with BTC, it is indeed a vital digital asset, which is significant in the DeFi market. And by partnering with WBTC Network, Swipe Wallet users will be able to not only deposit or buy BTC, but also, will be able to instantly convert it to WBTC, to enable using BTC on the Ethereum Network. Another added benefit is the fact that Swipe wallet users can also convert WBTC to BTC on the app itself.

Meanwhile, Swipe is stated to continue working with BitGo alongside WBTC Network. And, the partnership with the latter means the listing of WBTC on not only the Swipe Wallet but also with the Swipe Visa Card.

Note: WBTC is the joint initiative by BitGo, Ren, Kyber Network, and other partners, which aims to enable the use of BTC on all the DApps or decentralized apps. BitGo facilitates the burning and minting or WBTC.

Speaking about the partnership, Swipe’s CEO, Joselito Lizarondo, said that Swipe is excited to collaborate with the WBTC Network as Swipe users can seamlessly use BTC on Ethereum blockchain after instantly wrapping BTC. BitGo’s Project Manager, Kiarash Mosayeri, also expressed that the collaboration of WBTC and Swipe will unleash the full potential of DeFi for worldwide retail users.

To conclude, integrating WBTC with Swipe Wallet will enable users to use BTC in DeFi applications and Ethereum Network. While the Swipe Wallet users will be able to do more with BTC digital coins, they can also convert the Wrapped Bitcoin to BTC for redeeming the same.