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WBTC is the largest store of value used within DeFi applications.
BitGo and BiT Global are creating a joint venture to diversify custody operations and cold storage across multiple jurisdictions.
Upgrade will be both frictionless and transparent to the WBTC community, with a transition period of 60 days.
The new solution will utilize the same BitGo cold storage technology that has been deployed to secure Bitcoin since 2019.
BitGo is pleased to announce the move of its WBTC business to the world’s first multi-jurisdictional and multi-institutional custody via a unique partnership and joint-venture with BiT Global. BitGo will be a minority shareholder in the new joint venture.
The move will upgrade the security of WBTC operations by diversifying both custodial jurisdictions and locations for the underlying Bitcoin, which was previously held in the United States. WBTC is the de-facto standard for Bitcoin integration into DeFi applications across a growing list of blockchains, serving the needs of its global users. Following the upgrade, WBTC operations will be diversified geographically and jurisdictionally to include Hong Kong and Singapore.
BiT Global is a global custody platform with regulated operations based in Hong Kong, registered as a Trust and Company Service Provider (TCSP). This is a strategic partnership between BitGo, Justin Sun, and the Tron ecosystem, which is the leading blockchain that presently hosts the largest circulating supply of USDT stablecoins in the world, totaling over $60 billion.
The joint venture will continue to use the same BitGo multi-signature technology and deep cold storage, with the only difference being the ability to distribute keys in multiple locations around the world. BitGo and BiT Global remain committed to the utmost of transparency, and will continue to provide real time proof-of-reserves via the https://wbtc.network, which was one of the first proof-of-reserve systems ever launched with continuous operation since 2019.
BitGo and BiT Global are pleased to pre-announce this upgrade which will occur 60 days from now, in a joint effort to facilitate the smooth process for custodial assets and merchant migration. WBTC clients will continue to benefit from the same quality service that WBTC has provided the community for the last five years with no interruption in operation.“
Working with the team at BiT Global has been a delight for the BitGo team. We’re proud not just of the increased trust that comes with this first-of-its kind multi-jurisdictional service, but also for the future growth it unlocks. The vast majority of WBTC usage is already in Asia, where BitGo has actively expanded its regulated presence in both Korea and Singapore… and with this partnership, the future of WBTC has never been brighter, ” said Mike Belshe, CEO of BitGo.
For more information about WBTC please visit: https://wbtc.network.
For questions please reach out to wbtc@bitgo.com and wbtc@bitgc.io.
About BitGo
BitGo provides the most secure and scalable solutions for the digital asset economy, offering regulated custody, borrowing and lending, and core infrastructure to investors and builders alike.
Founded in 2013 — the early days of crypto — BitGo pioneered the multi-signature wallet and later built TSS to improve upon other companies’ MPC offerings. Between multi-sig and TSS, BitGo offers the safest technology on the market and safeguards over 600 tokens across a wide variety of blockchains.
Over the years, BitGo has expanded from offering wallets into providing a full-suite solution that lets clients hold assets safely and then put them to work.
BitGo launched BitGo Trust Company in 2018, providing fully regulated, qualified cold storage to complement BitGo Inc’s original hot wallet solution. In 2020, BitGo launched BitGo Prime, which allows its clients to trade, borrow, and lend. Moreover, BitGo also provides access to DeFi, staking, NFT wallets, and beyond, and serves as the world’s sole custodian for WBTC, or wrapped Bitcoin.
Today, BitGo is the leader in digital asset security, custody, and liquidity, providing the operational backbone for more than 700 institutional clients in over 50 countries — a list that includes many regulated entities and the world’s top cryptocurrency exchanges and platforms. BitGo also processes approximately 20% of all global Bitcoin transactions by value.
For more information, please visit www.bitgo.com.
©2024 BitGo Inc. (collectively with its affiliates and subsidiaries, “BitGo”). All rights reserved. BitGo Trust Company, Inc., BitGo Inc., and BitGo Prime LLC are separately operated, wholly-owned subsidiaries of BitGo Holdings, Inc., a Delaware corporation headquartered in Palo Alto, CA. No legal, tax, investment, or other advice is provided by any BitGo entity. Please consult your legal/tax/investment professional for questions about your specific circumstances. Digital asset holdings involve a high degree of risk, and can fluctuate greatly on any given day. Accordingly, your digital asset holdings may be subject to large swings in value and may even become worthless. The information provided herein is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. BitGo is not directing this information to any person in any jurisdiction where the publication or availability of the information is prohibited, by reason of that person’s citizenship, residence or otherwise.
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