WBTC Cafe is now open in Pillar Wallet

WBTC Cafe is now open in Pillar Wallet

Written by

Jack Bass

December 18, 2020

Pillar always aimed to provide the friendliest experience for crypto users and now is committed to becoming the gateway to enter DeFi services.

Pillar is joining the end-year BTC party by providing a direct DeFi on-ramp for Bitcoin holders and users.‍

Through our partnership with Ren Protocol and the integration of the RenVM into Pillar Wallet, you are now able to seamlessly exchange your BTC for WBTC and hold or use this tokenized representation of Bitcoin in your favorite smart wallet and its in-app services. 

Why BTC on Ethereum?

‍While Bitcoin is undoubtedly the king of cryptocurrencies, it also has its disadvantages. By bringing it to Ethereum (in form of the WBTC and soon, renBTC) we provide greater utility for BTC users – making their beloved asset more productive, letting them exchange it in a permissionless way and earn interest on it.‍

‍There are several ways to make your BTC work for you using Pillar Wallet. You can:

Contrary to your old Bitcoin wallet, it will also be possible to recover your WBTC in Pillar’s Web Recovery Portal. All that without compromising the composition of your portfolios and losing the upside of Bitcoin’s price.

It’s the best of both worlds.

How does the WBTC.cafe work

The Cafe is a shining example of DeFi composability and RenVM’s ability to bolster greater utility for all of DeFi. It is a collaborative effort of three DeFi Projects: RenVM, Curve Finance, and WBTC – all offered in an intuitive mobile experience with Pillar Wallet.‍

1. User sends BTC and RenVM converts the BTC to renBTC.

2. The platform receives renBTC and automatically swaps it for WBTC within a low-slippage liquidity pool.

3. The user receives WBTC and is now able to use it on any supported DeFi platform or protocol.

Ready? It’s time to put your Bitcoin to work!

Download the Pillar Wallet

And come join the conversation in Discord – tell us how did you like it at the Cafe!