HOW WRAPPED BITCOIN (WBTC) HAPPENED AND ITS PURPOSE

Summary from the TLDR Crypto newsletter

Wrapped Bitcoin (WBTC) was launched in 2018 by Kyber Network and BitGo to bring Bitcoin liquidity to Ethereum and boost DeFi. The project used a centralized custodian model for simplicity and transparency, with BitGo managing off-chain tasks and Kyber handling smart contracts and community outreach. WBTC quickly became the leading Bitcoin token on Ethereum due to its clear design, community support, and first-mover advantage. Recently, changes by BitGo have raised concerns about the future trust and stability of WBTC.