{"id":16021,"date":"2024-08-12T12:29:34","date_gmt":"2024-08-12T09:29:34","guid":{"rendered":"https:\/\/forklog.com\/en\/bitgo-partners-with-justin-sun-and-tron-to-expand-wbtc-custody\/"},"modified":"2024-08-12T12:29:34","modified_gmt":"2024-08-12T09:29:34","slug":"bitgo-partners-with-justin-sun-and-tron-to-expand-wbtc-custody","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitgo-partners-with-justin-sun-and-tron-to-expand-wbtc-custody\/","title":{"rendered":"BitGo Partners with Justin Sun and TRON to Expand WBTC Custody"},"content":{"rendered":"<p>Custodial platform BitGo has expanded the jurisdictions for storing bitcoin used in Wrapped Bitcoin (WBTC) to Singapore and Hong Kong. This development follows a strategic partnership with TRON-affiliated firm BiT Global.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">BitGo is pleased to announce the move of its WBTC business to the world\u2019s first multi-jurisdictional and multi-institutional custody via a unique partnership and joint-venture with BiT Global. <\/p>\n<p>This upgrade will occur 60 days from today with no disruption or interruptions to\u2026 <a href=\"https:\/\/t.co\/yNUoyTwsqL\">pic.twitter.com\/yNUoyTwsqL<\/a><\/p>\n<p>\u2014 BitGo (@BitGo) <a href=\"https:\/\/twitter.com\/BitGo\/status\/1821927623494439130?ref_src=twsrc%5Etfw\">August 9, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>BiT Global is a global custodial platform with regulated operations, based in Hong Kong and registered as a provider of trust and company services.<\/p>\n<p>The initiative aims to transition the business into a &#8220;multi-jurisdictional and multi-institutional custody.&#8221;\u00a0<\/p>\n<p>BitGo will be a minority shareholder in the joint venture. Initially, the digital gold for token issuance was locked only in the United States.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe upgrade will occur in 60 days without any service disruptions or interruptions,\u201d<\/em> the company assured.<\/p>\n<\/blockquote>\n<p>The new solution will employ the same multi-signature and deep cold storage technologies used since 2019. The difference will be the ability to distribute private keys across multiple jurisdictions.<\/p>\n<p>BitGo and BiT Global have pledged to maintain maximum transparency and continue providing real-time proof of reserves via their website.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe vast majority of WBTC users are already in Asia, where BitGo is actively expanding its regulated presence in Korea and Singapore,\u201d<\/em> explained BitGo CEO Mike Belshe.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\"><strong>Concerns Surrounding Sun<\/strong><\/h2>\n<p>Justin Sun&#8217;s involvement has raised certain concerns within parts of the community.<\/p>\n<p>Risk management firm BA Labs <a href=\"https:\/\/forum.makerdao.com\/t\/wbtc-changes-and-risk-mitigation-10-august-2024\/24844\/5\">warned<\/a> of an \u201celevated level of risk.\u201d Experts noted that projects associated with the founder of TRON Foundation have <a href=\"https:\/\/forklog.com\/en\/news\/sec-justifies-legal-pursuit-of-justin-sun-due-to-frequent-us-visits\">faced issues<\/a> with operational activities and transparency.<\/p>\n<p>In a message on the MakerDAO forum, BA Labs proposed closing all new borrowings against WBTC collateral and preventing additional ones during the upcoming vote on August 12.<\/p>\n<p>In response, Belshe urged focusing on facts rather than Sun&#8217;s persona. The top executive emphasized that the underlying WBTC protocols are not at risk. They will remain \u201cthe same as today,\u201d added BitGo&#8217;s CEO.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe company still signs all transactions using the same technology as always. BitGo will not sign a transaction that does not have the corresponding issuance or burning of a token. Merchants still exist. Thus, the risk remains with the treasury itself, whose keys are now divided among parties in a way that has never been done before,\u201d<\/em> he explained.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\"><strong>Sun&#8217;s Response<\/strong><\/h2>\n<p>Justin Sun also responded to the community&#8217;s concerns. He reiterated Belshe&#8217;s words about \u201cno changes\u201d and emphasized that the partnership does not grant him direct access to the funds.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Recently, I&#8217;ve heard that the community has some concerns about my involvement in various projects, including WBTC. I would like to clarify the following points:<\/p>\n<p>There have been no changes to WBTC compared to before. The audits are conducted in real-time and can be accessed via\u2026<\/p>\n<p>\u2014 H.E. Justin Sun \u5b59\u5b87\u6668 (@justinsuntron) <a href=\"https:\/\/twitter.com\/justinsuntron\/status\/1822370692014485937?ref_src=twsrc%5Etfw\">August 10, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cMy personal involvement in WBTC is purely strategic. I do not control the private keys to the WBTC reserves and cannot move the bitcoin reserves,\u201d<\/em> he assured.<\/p>\n<\/blockquote>\n<p>According to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/wrapped-bitcoin\">CoinGecko<\/a>, the token&#8217;s market capitalization is $9 billion. At the time of writing, it maintains its peg to the underlying asset.\u00a0\u00a0<\/p>\n<p>Previously, Web3 entrepreneur Vladimir Menaskop shared data from a large-scale study of over 50 cross-chain bridges with ForkLog readers.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Custodial platform BitGo has expanded the jurisdictions for storing bitcoin used in Wrapped Bitcoin (WBTC) to Singapore and Hong Kong. This development follows a strategic partnership with TRON-affiliated firm BiT Global. BitGo is pleased to announce the move of its WBTC business to the world\u2019s first multi-jurisdictional and multi-institutional custody via a unique partnership and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16020,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[194,1302,1150,951,1655],"class_list":["post-16021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitgo","tag-justin-sun","tag-news-plus","tag-tron","tag-wrapped-bitcoin"],"aioseo_notices":[],"amp_enabled":true,"views":"55","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16021","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=16021"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16021\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/16020"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=16021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=16021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=16021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}