WBTC - Wrapped Bitcoin
BITGO
User Experience | Visual Design | Product Management | Project Management
BitGo is a digital asset trust company and security company that offered the first multi-signature wallets. Today BitGo wallets have evolved into the worlds leading institutional-grade wallets that supports over 100 coins and tokens. Along with wallets, BitGo also offers qualified custody, trading, lending and settlement.
BitGo partnered with Kyber Network and REN to establish the first ERC20 token backed 1:1 with Bitcoin. This project was ground-up with engineering and design running simultaneously to the launch date.
5 W’s of WBTC
With WBTC being an innovative and new form of stablecoin, not only did we have to introduce WBTC to the world, we also had to explain in detail how it worked. As a new technology, the challenge was to position WBTC for massive adoption in the industry.
The brand merged characteristics of both Bitcoin (BTC) and and Ethereum’s (ETH) ERC20 protocol with brand colors pulling from both.
The visual assets not only had to support abstract concepts, but also included diagrams of how each step of the receiving, minting and burning processes to those potential companies looking to propagate WBTC and individuals looking to acquire WBTC.
Process Diagrams
The Receiving Process
The Minting Process
The Burning Process
Transparency builds trust
In a time when hundreds of new coins and tokens were being created and distributed, WBTC’s success hinged on adoption and utilization in the marketplace. The key to adoption was building trust that it would be around for the long haul.
WBTC is backed directly with BTC which means that for every 1 WBTC that was in circulation, 1 BTC is held as collateral. This means anyone holding WBTC can rest assure that its value continually matches the value of BTC and can be exchanged back at any time.
To drive this point across, transparency was essential on a transaction-level to show each interaction and unique identifiers that could be traced back to public records.
Alongside an order book, profiles on official partners, their roles, and where to get WBTC. To further drive trust, WBTC is audited to insure the legitimacy of the network.