BTC Represented as an ERC20 Token
Blockchains such as Bitcoin and Ethereum have always operated independently. While interoperability protocols have been under development for some time, achieving full compatibility between networks whose code is alien to one another is a complex task. The development of wrapped bitcoin does not mean that full synergy between bitcoin and ethereum has been attained. What it does mean is that BTC users can transact on ERC20 platforms using a native token that represents the bitcoin they're accustomed to.
As wbtc.network explains: "WBTC standardizes bitcoin to the ERC20 format, creating smart contracts for Bitcoin. This makes it easier to write smart contracts that integrate bitcoin transfers … The Ethereum network processes transactions faster than the Bitcoin network, but bitcoin holders don't have to wait anymore. With WBTC, moving bitcoin between exchanges is much faster."