Does such as service exist? I recall there was one that was called RennBTC (or something similar) however due to FTX collapse they got shut down. I recall it was possible to take Bitcoin on the bitcoin blockchain and bridge it to WBTC which was on the Ethereum blockchain.
So wondering if there are any services out there or so called bridges that make this possible? I know its very easy to bridge with ETH, ARB, POLY, BNB, ZkSync, etc however is it possible to bridge back and forth with the BTC blockchain?
Bitcoin's base layer lacks support for complex smart contracts and decentralized applications. Therefore, for cross-chain bridges to be possible, you must first tokenize native BTC into a synthetic asset that merely mimics the value of BTC.
As far as I know, you can only get wBTC through a custodial bridging process. You deposit Bitcoin, and in return, someone mints an equivalent amount of wBTC tokens for you. So, basically, it is an exchange.