CoinList enters the DeFi market to provide wBTC conversions and BTC hosting services to financial institutions

BlockBeats reports that CoinList, a token auction platform, has quietly entered the DeFi market. CoinList  Provide wBTC direct conversion service for users and deposit the BTC used by users for conversion into a hosting institution. CoinList now gets 25 per cent of the total supply of wBTC.

CoinList, a token auction platform backed by Jack Dorsey, chief executive of Twitter, and Polychain Capital, has quietly entered the DeFi market. The SAN francisco-based company said it had been helping financial institutions acquire wBTC, an ERC20 token that is tied to bitcoin on a one-to-one basis, since February and had so far secured 25 per cent of the total supply of wBTC.

Now, the company is making the service available to all users. Coinlist has launched its wBTC/BTC service for institutions since February this year, according to pulse. Currently, the main way to obtain wBTC is through decentralized protocols such as Uniswap and IDEX, and through ETH. Bitcoin holders who want to acquire wBTC need to take the additional step of exchanging their BTC for ETH on a centralized trading platform before purchasing wBTC.

To simplify the process, CoinList will act as a wBTC merchant, accepting users' BTC deposits and providing them with wBTC. CoinList will deposit wBTC directly into users' wallets, and then deposit users' BTC into the hosting institution. CoinList charges 0.25 per cent per transaction.

According to CoinList's website, CoinList has conducted 12 token auctions so far, including a $257 million Filecoin IC0 in 2017 and a $102 million Dfinity token auction in 2018.As the IC0 craze wore off, the list of tokens on the CoinList slowed down. The company's most recent token offering was an auction in March for Solana, a blockchain start-up, which raised an estimated $1.76 million.

Last year, the company raised $10 million in financing from Jack Dorsey and Polychain Capital. It also introduced cryptographic trading, allowing users to buy BTC, ETH and other cryptocurrencies.

The original address: https://www.theblockcrypto.com/linked/62733/

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