Overview
Wrapped tokens allow you to use an asset on a different blockchain than the one it was built on. For example, Wrapped Bitcoin (WBTC) is an ERC-20 token that can be used on Ethereum. Wrapped tokens are typically pegged 1:1 to the value of the original asset.
Wrapping and unwrapping tokens on Fireblocks is similar to swapping them. However, you’re choosing to receive a wrapped version of the token instead of a completely different one.
When you wrap or unwrap tokens, you submit a contract call transaction. Make sure you have created Transaction Authorization Policy (TAP) rules for contract calls before attempting to wrap or unwrap tokens.
How to wrap and unwrap tokens
- In the Fireblocks Console, go to the Swap page.
- Enter the vault account with the token you want to wrap (or unwrap).
- Select the token to wrap (or unwrap) and the wrapped (or unwrapped) version of the token to receive.
- Enter the token amount, and select Swap.
The transaction is initiated and must be approved and signed as normal.