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Huobi BTC (HBTC) is essentially a wrapped version of Bitcoin (BTC) on the Ethereum blockchain, enabling users to leverage the benefits associated with both the Bitcoin and Ethereum networks. By converting Bitcoin into an ERC-20 token, HBTC grants users the ability to engage with decentralized applications (dApps) on Ethereum, while still holding a digital asset that retains the same value as BTC.
The launch of HBTC occurred in February 2020, a strategic move aimed at expanding liquidity access from the innovative yet more restrictive Bitcoin ecosystem to the vibrant world of Ethereum. This functionality is pivotal for users looking to maximize their interaction with dApps, especially in decentralized finance (DeFi) environments, where swift and seamless trading is essential.