WBTC, also known as "Wrapped BTC", is an ERC20 token on the Ethereum Network which is 1:1 backed by Bitcoin.
WBTC is a representation of Bitcoin on the Ethereum chain. It provides a way for distributed applications to support Bitcoin natively. This means Bitcoin can be traded on DEXs and be used as collateral for lending platforms and stable coins. Since Ethereum blocks get confirmed more quickly than Bitcoin, it enables a way for Bitcoin to move between addresses much faster.
WBTC is the first step in tokenization for BitGo.
Please refer to https://wbtc.network for more information about WBTC.