Tokenized bitcoin on ethereum

This is the process whereby bitcoins are locked on ethereum network as a token through mint mechanism.each token represents some amount of bitcoin and can also be unlocked by destroying the tokens resulting in bitcoin. This increases transaction speed s, fungibility, privacy and composability
The major types of tokenized bitcoin are custodial and non custodial.
Custodial:user sends their bitcoin to a centralized custodian who keeps them in a multisignature cold storage wallet and mints wrapped bitcoin tokens in return. They must comply with KYC regulations.
Non custodial :bitcoins are sent to a virtual machine which stores and mint wrapped bitcoin tokens. This is recommend for advanced users.