The Fire Bitcoin FBTC page of Bitcoin Layers is under development.

We have not yet implemented our proof-of-reserves and therefore cannot assure you that wrappers are fully backed, 1:1, with BTC. Please use caution interacting with these wrapped BTC assets. Additionally, there may be incomplete or outdated research.

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Fire Bitcoin FBTC

Overview

Status

Mainnet

Type

Reserve

BTC Supply

₿0

Ignitions's FBTC is a BTC-backed reserve asset that can be used across various EVM chains.

Assessment

Asset Custody

Users trust an MPC set between Ignition and Cobo to secure funds backing mBTC.

An MPC set up between Ignition and Cobo secures the BTC backing mBTC. Cobo is an institutional custodian provider. Users trust Ignition's claims in their documentation are being executed in practice.

Source

Further sections to be reviewed

Aspects related to minting & burning, key management, transaction signing, and proof-of-reserves have not been reviewed. We are currently reviewing these sections.