Bitget Wrapped BTC

Bitget Wrapped BTC (BGBTC) is a wrapped Bitcoin token issued by the crypto exchange Bitget and circulating on Ethereum. Wrapped Bitcoins are created so that Bitcoin can be used outside its own network, for example in smart contract applications on Ethereum. Each BGBTC is stated to be backed one-to-one by one BTC held in custody.

In this structure, the underlying Bitcoins are held in addresses controlled by Bitget; the custody infrastructure uses the multi-signature and multi-party computation (MPC) technologies of digital asset security company Cobo. The existence of the reserves is demonstrated through proof of reserves. Users can put BGBTC to work in Ethereum-based lending, liquidity provision and staking applications, seeking additional yield while keeping their exposure to Bitcoin.

The price of BGBTC mainly tracks the price of Bitcoin; however, wrapped tokens carry additional risks such as the issuer's custody risk, the transparency of reserves, how the minting and redemption processes work and smart contract security. The BGBTC page on Lzzo.com shows DefiLlama's US dollar reference price and the historical course of this price.