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Introducing Consensus Magazine: Putting Web3 in Perspective
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For new WBTC to be produced, or minted, a so-called merchant places a request with another party, the custodian. WBTC’s white paper specifies that the merchant sends bitcoin to the custodian, which mints the WBTC and sends it to the merchant’s wallet on the Ethereum blockchain. The merchant can then swap the wrapped bitcoin with an end user in exchange for the equivalent amount of bitcoin. Merchants are responsible for carrying out know-your-customer and anti-money laundering processes with the end users. Celsius 'adding fuel to the fire' By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy.