Alameda owns 70% of the WBTC mined in August

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The boom in decentralized finance in the last three months has led to the emergence of dozens of DeFi projects in the crypto world. Leading to the emergence of new products of immediate success as And to the strengthening of existing projects such as Chainlink. Wrapped Bitcoin is one of the most interesting projects in the world today. Crypto currency of which Alameda owns 70% of all the WBTC mined in August.

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What is WBTC?
In recent weeks, the DeFi fever has led to millions of dollars in investments in this sector. As projects such as, JUST, or Chainlink, show their usefulness in building a decentralized financial ecosystem. Increasing exponentially their value in just a few weeks.

However, among all the DeFi projects that are currently gaining prominence, few are like Wrapped Bitcoin (WBTC). A crypto-currency that emerged in 2019, thanks to the alliance of different organizations such as Kyber Network, Republic Protocol and BitGo.
It consists of an ERC-20 token, based on the Ethereum Blockchain, which is fully supported by Bitcoin. That is, for every new WBTC that is issued, there is a Bitcoin token to support its value. The objective behind the project is to create a mirror of BTC inside the Ethereum Blockchain.

In this way, its creators aim to provide the liquidity of Bitcoin and combine it with the flexibility and decentralization of Ethereum. Promoting new use cases for Bitcoin, by allowing its combination with decentralized finance projects in the Ethereum Blockchain through the representation of WBTC.

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Alameda invests big
Thanks to this, in its year and a half of existence, WBTC has obtained an important acceptance within the crypto community. Leading important organizations and investment firms to place millions of dollars in this currency. One of the most notable is the investment firm Alameda.

In August of this year alone, Alameda would have acquired 70% of the total number of WBTCs in circulation. This represents the purchase of 14,654 WBTCs in just one month. It is well ahead of the next organization by number of WBTCs obtained in August, Coinlist. It acquired only 4,688 WBTCs, less than a third of Alameda’s cumulative amount.

This interest in the WBTC would be mainly driven by the possibilities that cryptomonnage opens up in the DeFi sector. Allowing firms like Alameda to invest with Bitcoin and make profits on projects like Compound. Thus being the currency, in the words of Alameda co-founder Sam Bankman-Fried, the „bridge between Bitcoin and the Ethereum DeFi ecosystem“.

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