Venus BTC wallet

What is Venus BTC (VBTC)?

There are two layers of wrapping between vBTC and actual bitcoin, and knowing that saves a lot of confusion later.

Bitcoin does not exist on BNB Smart Chain. What exists there is a pegged BTC token issued against reserves held elsewhere. Venus, the lending market on that chain, accepts that pegged token as a deposit and issues vBTC as the receipt. So vBTC is a claim on a supplied position in Venus, and what Venus gives back when you redeem is the pegged BNB Chain BTC - not coins on the Bitcoin network. Getting to real BTC means redeeming first, then bridging or converting, as a second and separate step.

As with every Venus receipt, the token count you hold does not move; interest from borrowers is reflected in the exchange rate, so the same vBTC unwinds into a larger amount of the underlying later. And if the deposit is serving as collateral for a borrow, those vBTC are locked until the loan is settled.

Supported networks in Tangem (1): BNB Smart Chain.

Both steps of the exit cost BNB, so keep a working amount of it beside the position in the same wallet - Tangem holds the gas coin and the receipt token together, and each signature is a tap of the card on the back of the phone, with no cable and no battery to think about. Unwinding a two-layer position is fiddly enough without the wallet adding steps of its own.