What is wrapped BNB?

Could you please elaborate on the concept of "wrapped BNB"? I've heard this term in the cryptocurrency and decentralized finance space but am unclear about its precise definition and functionality. Is it a derivative of the Binance Coin (BNB) token? How does it work? What are the main differences between wrapped BNB and the original BNB token? Additionally, how is it utilized in cross-chain transactions and what are some of its key benefits or use cases? Your insight into this matter would be greatly appreciated.