BitGo and BiT Global Partner in Hong Kong for WBTC Custody Shift Involving Justin Sun

Aug 10, 2024, 03:54 PM

BitGo has announced a strategic move of its Wrapped Bitcoin (WBTC) business to a multi-jurisdictional and multi-institutional custody system through a partnership with BiT Global, based in Hong Kong. This transition, set to occur in 60 days, aims to enhance the security and management of WBTC. The partnership involves BitGo, BiT Global, Justin Sun, and the Tron ecosystem. However, this change in custody has led to concerns within the decentralized finance community, with Maker planning to offboard WBTC.