Bitcoin-Pegged Token Crafted by Binance Swells, BTCB Now Commands $2.3 Billion Market Cap

Bitcoin wrappers, or synthetic projects, have grown significantly in the past 12 months. For example, a digital token called Wrapped Bitcoin has 141,503 WBTC in circulation today, but a token called Bitcoin BEP 2 (BTCB) has taken off. There are currently 39,719 BTCBs in the wild, as the bitcoin-related token now has a higher market valuation than HBTC (27,906).

BTDB jumping token with financial support on 39.7K outstanding

The 6th. In April, the CEO of data portal Onchain Cryptoquant, Ki Yang Yu, spoke on Twitter about an interesting case he discovered on Onchain. The finance department just sent 26,000 BTC to the address [Reserve] BTCB. BTCB is a token linked to bitcoin on the Binance chain. The current balance on the BTCB account is 39,719 BTC, and it looks like it will increase rapidly. This could be a bullish signal for BNB, the cryptoquant manager said.

Bitcoin-Pegged Token Crafted by Binance Swells, BTCB Now Commands $2.3 Billion Market Cap

The Bitcoin BEP 2 token, also known as BTCB, is a bitcoin-related token similar to competitors like WBTC, HBTC, RENBTC, SBTC and many others. Bynance provided a detailed description of the BTDBK project in June 2019. The company said it was launching an anchored token for BTC, but would also create anchored tokens for other major cryptocurrencies.

The main benefit of offering cryptotokens is that it apparently makes many coins available to Binance Dex traders who have their own blockchain and are not native to the Binance chain, the company said at the time.

The WBTC or Wrapped Bitcoin project, which uses Bitgo as a backup BTC depository, now leads Binance’s BTCB reserves with 141,503 WBTC. But with 39,000 BTC in reserve, Binance quickly outpaced the rest.

Bitcoin-Pegged Token Crafted by Binance Swells, BTCB Now Commands $2.3 Billion Market Cap

There is no doubt that Ethereum-centric projects like WBTC, BTCB and others have cemented the network’s role as the dominant sidechain of BTC. The CSR sidechain has only 925 RBTC in circulation and the blockchain liquidity has only 2,884.67 LBTC in circulation.

Outstanding BTCB tokens are 90% larger than the shares of RSC and Liquid combined. Combining data from RSC, Liquid, the BTCB contract and bitcoins on Ethereum statistics, Dune analytics shows that 229,194 BTC are in circulation on the alternative chains.

How about this week when Binance packaged the BTCB reserve and cumulative volume of BTC? Let us know what you think in the comments below.

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