WBTC is a stablecoin that is pegged to the value of Bitcoin and is backed by a one-to-one reserve of BTC.
The transaction was first observed by The Data Nerd, a blockchain analytics firm.
On October 18, Galaxy Digital, a Bitcoin-focused investment fund, reportedly deposited 310 wrapped Bitcoin (WBTC) into Binance, worth approximately $21.03 million. The move comes amid growing interest in the use of stablecoins on cryptocurrency exchanges. This latest development is in line with Galaxy Digital’s strategy to drive the adoption of Bitcoin and other digital assets in the financial system.
