Wrapped Bitcoin Sees Record $57.1M in Tokens Minted by CoinList for Customers

Oct 14, 2020 at 20:25 UTCUpdated Oct 14, 2020 at 20:48 UTC.Token investment platform CoinList minted a total of $57.1 million worth of wrapped bitcoin in back-to-back mints for its customers Wednesday, setting an all-time record for the most bitcoins wrapped by one merchant in a single day.

The previous daily record was set on Sept. 18 when Alameda Research minted $44.7 million in three separate mints, according to transaction data analyzed by CoinDesk.

Matthieu Jobbé-Duval, head of financial products at CoinList, told CoinDesk the firm is seeing a strong but "More balanced flow" in demand for WBTC after "a steady increase" in customer demand throughout the summer during the heights of the recent decentralized finance craze.

On Wednesday, CoinList also set a new record for the largest single mint of 3,697 WBTC.Notably, CoinList mints WBTC only as a service for its customers, unlike other wrapped bitcoin merchants including Alameda Research, Three Arrows Capital and Grapefruit Trading that primarily deploy the tokenized capital themselves.

Wednesday's eye-popping daily minting activity is sort of business as usual for the San Francisco-based company.

Responsible for over 30% of all WBTC ever minted, CoinList continues to be one of the largest gateways to using bitcoin on Ethereum.

Approximately 105,132 WBTC are in circulation, according to the project's website, representing more than 17,000% growth year to date.