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How does the process of unwrapping WBTC work in the world of cryptocurrency?

avatarCyndy GutierrezDec 06, 2021 · 3 years ago1 answers

Can you explain the process of unwrapping WBTC in the world of cryptocurrency? How does it work and what are the steps involved?

How does the process of unwrapping WBTC work in the world of cryptocurrency?
Cryptocurrency
WBTC
Unwrapping

1 answers

  • avatarDec 06, 2021 · 3 years ago
    Unwrapping WBTC is a crucial step for users who want to convert their WBTC tokens back into Bitcoin. This process ensures that the value of WBTC remains pegged to Bitcoin and provides users with the flexibility to move their assets between different blockchains. The process involves sending the WBTC tokens to the WBTC custodian, who then verifies the transaction and burns the tokens. In return, the custodian mints an equivalent amount of Bitcoin and sends it to the user's specified Bitcoin address. This process is secure and transparent, allowing users to maintain control over their assets throughout the unwrapping process.

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