This article is a press release, written and provided by TRON, and does not represent the position of TRON.
Recently , TRON founder Justin Sun participation in WBTC has attracted widespread attention in the industry. Justin Sun stated on the social media platform that his personal participation in WBTC is completely strategic and the goal is to promote projects dedicated to decentralization, security protocols and security.
He also pointed out that he personally does not control the private keys of WBTC reserves and cannot move any BTC reserves. Regarding the importance of WBTC, Justin Sun believes that it is an important part of the DeFi ecosystem and will ensure that it continues to be so.
WBTC (Wrapped BTC), also known as wrapped Bitcoin, is an ERC-20 token on the Ethereum blockchain issued by BitGo and supported by a 1:1 peg to Bitcoin. Since its launch in January 2019, WBTC has become one of the largest Bitcoin DeFi applications. There are currently 74 WBTC partners, and they have supported Ethereum, TRON, Base, Kava, and Osmosis.
As the custodian of WBTC, BitGo has been its custodian since its establishment in 2019, responsible for the custody of all underlying Bitcoins and the private keys of smart contracts that mint WBTC tokens. As the world's largest independent custody institution for digital assets, Bitgo has a high reputation in the industry, and its shareholders include well-known institutions such as Goldman Sachs.
On August 9, BitGo tweeted that by establishing a unique partnership and joint venture with BiT Global, its WBTC business will shift to the world's first cross-jurisdiction and cross-institutional custody. This upgrade will occur within 60 days with no disruption or disruption to service. Subsequently, the relevant partners were disclosed on its official website. Justin Sun was mentioned among the individual collaborators disclosed, which triggered a heated discussion in the encryption community.
Justin Sun said that WBTC has not changed at all compared to before. Audits are conducted instantly and the minting process is fully managed by custodians Bitglobal and BitGo following the same procedures as before.
According to media reports, in 2017, Justin Sun founded the public chain platform TRON, dedicated to re-decentralizing the Internet. At the end of 2021, TRON, which has become one of the three major public chain platforms in the world, completed complete decentralization and became a decentralized organization (DAO) for community governance. Currently, TRON DAO is also the largest decentralized organization in the world.
BitGo CEO Mike Belshe responded to the discussion triggered by the tweet, saying, "Bit Global, as a licensed custody platform, has a complete team operation system to manage the assets under custody through a multi-signature mechanism. They must also comply with regulatory requirements and keep customers in compliance." Assets cannot be transferred at will in violation of regulations.”
Previously, "MakerDao's so-called proposal to delist WBTC" appeared among crypto users, and it was confirmed that it was just a fud caused by a few community members who did not understand the operating mechanism of WBTC. Mike Belshe also refuted it.
Jupiter co-founder Meow said in a comment on the social media platform, "I don't intend to make any judgments on Bitgo. They have indeed been an excellent custodian so far, and I believe they have the best intentions."
