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 (BTC) holders to access decentralised finance (DeFi) applications on chain. Eligible Crypto.com Exchange users can obtain CDCBTC by withdrawing their native BTC from the Crypto.com Exchange platform to a supported non-BTC chain and swap CDCBTC for native BTC by depositing CDCBTC into their Crypto.com Exchange account.
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 Exchange 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 Exchange, 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 conversion between BTC and CDCBTC is 1:1 and will be done automatically. Here are the step-by-step instructions:
On the crypto.com/Exchange browser:
Go to your wallet.
Select BTC to withdraw.
Select External wallet.
If you have not whitelisted your CDCBTC wallet address, then tap on ‘+ Add Withdrawal Address’ to white list a new CDCBTC address. This should be a wallet address on the selected chain e.g. Cronos.
Proceed with the withdrawal after whitelisting the address.
BTC will automatically be converted to CDCBTC on the selected chain.
On the Crypto.com Exchange App:
Go to your Home or Wallet.
Select withdraw cryptocurrency.
Select BTC to withdraw.
Select External wallet.
If you have not whitelisted your CDCBTC wallet address, then tap on ‘+ Add Withdrawal Address’ to white list a new CDCBTC address. This should be a wallet address on the selected chain e.g. Cronos
Proceed with the withdrawal after whitelisting the CDCBTC address.
BTC will automatically be converted to CDCBTC on the selected chain.
Note: Transaction processing time and fees are determined by the underlying blockchain network on which CDCBTC is wrapped and may not be processed immediately. The withdrawal fee of BTC via the Cronos Chain is currently waived. Please check the Fees & Limits section.
Who is eligible to use CDCBTC?
Approved Crypto.com Exchange users who are not in Canada, Hong Kong SAR, Malta, South Korea or the United States are eligible to use CDCBTC.
Crypto.com Exchange reserves sole discretion to amend eligibility and geo-restrictions.
Can I trade CDCBTC on Crypto.com Exchange?
No, CDCBTC cannot be traded on Crypto.com Exchange.
How to deposit CDCBTC to Crypto.com Exchange?
Here are the step-by-step instructions:
On the crypto.com/Exchange browser:
Go to your wallet.
Select BTC to deposit.
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 Exchange account.
In the Crypto.com Exchange App:
Tap on “Deposit” > “Cryptocurrency”
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 Exchange App
Note: We may not be able to support CDCBTC that has been created by a third party which is not Crypto.com (e.g. via a third-party wrapper or bridge to an unsupported network). Do not send third party CDCBTC to your Crypto.com Exchange wallet as it may result in the third party CDCBTC being irrevocably lost.