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WBTC is the largest store of value used within DeFi applications.
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BitGo and BiT Global are creating a joint venture to diversify custody operations and cold storage across multiple jurisdictions.
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Upgrade will be both frictionless and transparent to the WBTC community, with a transition period of 60 days.
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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.
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BitGo is the digital asset infrastructure company, delivering custody, wallets, staking, trading, financing, and settlement services from regulated cold storage. Since our founding in 2013, we have been focused on accelerating the transition of the financial system to a digital asset economy. With a global presence and multiple regulated entities, BitGo serves thousands of institutions, including many of the industry's top brands, exchanges, and platforms, and millions of retail investors worldwide. For more information, visit www.bitgo.com.
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