Wrapped Bitcoin

BitGo announced plans to shift the custodial management of Wrapped Bitcoin (WBTC) to a multi-jurisdictional model involving entities in Hong Kong and Singapore.This move, in partnership with Justin Sun and the Tron ecosystem, has raised concerns within the crypto community, particularly from MakerDAO, leading to the removal of WBTC as collateral for DAI.BitGo CEO Mike Belshe emphasized that the underlying technology and security of WBTC will remain unchanged, despite the new custodial arrangements.The decision has sparked debate over decentralization and regulatory risks, while competitors like Coinbase hint at launching alternatives, signaling potential shifts in the market landscape.

BitGo's WBTC Custodial Changes Spark Debate Amid Rising Competition

DroomDroom

Other articles published on Aug 16, 2024

Ethereum Mega Whales Bought 144,000 ETH During Bitcoin (BTC) Crash; What Else is on Their Radar?

From Bitcoin ATMs to Meme Coins: Sahil Arora’s $3 Million Journey

OKX Wallet Partners with Nubit to Enable Trustless Indexing for the Bitcoin Ecosystem

Solana-based gaming token Mega Dice raises $1.7M in ICO

Ethereum ETFs End Three-Day Positive Streak with $39 Million in Outflows

Binance Bitcoin Funding Rates Reach Yearly Lows

Join our free newsletter for daily crypto updates!