What is CDCBTC?
Crypto.com Wrapped BTC (CDCBTC) is a token backed 1:1 by native BTC in Crypto.com’s custody, with the underlying BTC held in Crypto.com’s cold storage. CDCBTC allows bitcoin holders to access decentralised finance (DeFi) applications on chain. Eligible Crypto.com App users can obtain CDCBTC by withdrawing their native BTC from the platform to a supported non-BTC chain and swap CDCBTC for native BTC by depositing CDCBTC into their Crypto.com App.
Advantages of using CDCBTC
Unlock Bitcoin’s DeFi utilities
Bitcoin’s DeFi utilities on its native chain are limited due to a lack of smart contract functionality and compatibility with other chains. Using CDCBTC can unlock BTC’s DeFi capabilities – on-chain trading, collateralised borrowing, yield farming, restaking, and more – across multiple chains.
Security
CDCBTC is fully backed by BTC at 1:1 and held in SOC 2 Type II compliant custodial solution. Additionally, mint/burn thresholds are set to ensure the underlying BTC backing CDCBTC is always larger than or equal to the circulating supply of CDCBTC.
Seamless wrap and unwrap experience
Eligible Crypto.com App users can use the transfer feature to exchange their BTC for CDCBTC, and CDCBTC back to BTC in their destination wallet to move their BTC cross chain. When depositing CDCBTC into the App, the CDCBTC will be converted 1:1 to BTC automatically.
What chains does CDCBTC support?
At launch, CDCBTC will initially be available on Cronos Chain.
How to get CDCBTC?
Simply withdraw BTC to a Cronos wallet address, and that Cronos wallet address will receive the CDCBTC. The conversation between BTC and CDCBTC is 1:1 and will be done automatically. Here are the step-by-step instructions:
On the Accounts tab, tap Crypto Wallet > Transfer > Withdraw.
Select BTC to withdraw.
Select either External Wallet or Crypto.com DeFi Wallet.
If External Wallet is selected, tap on ‘+ > Wallet Address’ to whitelist a new CDCBTC address.
Proceed with the withdrawal after whitelisting the address.
BTC will automatically be converted to CDCBTC.
Note: Transaction processing time and fees are determined by the underlying blockchain network on which CDCBTC is wrapped. The withdrawal fee of BTC via the Cronos Chain is currently waived. Please check the Fees & Limits section in the app’s menu > Settings > About page, for the most current information.
Who is eligible to use CDCBTC?
Approved Crypto.com App users who are not in Austria, Belgium, Canada, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong SAR, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, South Korea, or United Kingdom are eligible to use CDCBTC
Can I trade CDCBTC on Crypto.com?
No, CDCBTC cannot be traded on Crypto.com.
How to deposit CDCBTC to Crypto.com?
Here are the step-by-step instructions:
In the Crypto.com App:
Tap on “Deposit” > “Crypto”
Select BTC
Select the same network as the one that your CDCBTC will be withdrawn from
Copy and paste the address to your external crypto wallet (or scan the QR code) as the receiving address
The CDCBTC will be automatically converted to BTC in your Crypto.com App