CryptoMediaClub
Saturday, June 21, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

Wrapped Bitcoin Expands BTC Storage Geography Beyond U.S.

12.08.2024
A A
0
122
VIEWS
ShareShare

BitGo and BiT Global are forming a joint venture to expand Wrapped Bitcoin (WBTC) transactions outside of the United States. However, the involvement of Justin Sun raised concerns in the community, despite assurances that transactions will remain secure and transparent.

Wrapped Bitcoin Expands Beyond U.S.

BitGo, a cryptocurrency custody platform, announced a strategic partnership with BiT Global, a decentralized P2P crypto exchange. As part of the collaboration, BTC backing wrapped tokens (WBTC) will be stored in various jurisdictions, including Hong Kong and Singapore. The initiative aims to improve asset security by diversifying the locations where BTC is stored.

Previously, WBTC tokens backed by BTC were stored exclusively in the United States. Now, the storage and operating centers will be distributed across multiple jurisdictions to meet the growing needs of global users. BitGo representatives assured users that the company will continue to use its proven cold storage and multi-signature technologies. They also said that the transfer of assets to the new storage model will take place within 60 days and will go unnoticed by the community.

Wrapped Bitcoin (WBTC) is a wrapped token that allows BTC to be used within the Ethereum ecosystem. Each WBTC token is fully backed by BTC at a 1:1 ratio. WBTC is being actively used in the DeFi ecosystem.

However, the involvement of Justin Sun, Founder of the TRON blockchain, raised concerns in the crypto community. Some market participants expressed concerns about the potential risks associated with his involvement, highlighting that previous projects with Sun faced operational problems and lacked transparency. The MakerDAO community even suggested closing out current debt positions with WBTC and prohibiting new borrowing against WBTC collateral to minimize potential risks.

In response to these concerns, Mike Belshe, CEO of BitGo, stated that Justin Sun’s involvement won’t affect the security or transparency of WBTC transactions. He emphasized that the underlying security protocols will remain the same and that BitGo will continue to monitor all transactions as before. Belshe also noted that the keys for managing WBTC reserves will now be distributed among different parties, increasing the security of the entire ecosystem. Justin Sun assured the community that his involvement is purely strategic, with no direct access to the funds.

Wrapped tokens are very popular among users of the DeFi ecosystem, so the Australian authorities decided to impose capital gains tax on transactions with them.

Сообщение Wrapped Bitcoin Expands BTC Storage Geography Beyond U.S. появились сначала на CoinsPaid Media.

Share9Tweet6ShareSharePin2

Related Posts

XRP Price Prediction: Analyst Declares ‘Only Two Paths Remain’ as XRP Tightens to Breaking Point
All news

XRP Price Prediction: Analyst Declares ‘Only Two Paths Remain’ as XRP Tightens to Breaking Point

21.06.2025
0

The XRP price has inched up to $2.17 today, with this consolidation happening as the crypto market loses 1.5% in...

Read moreDetails
Pi Coin Price Prediction: Is the World’s Most Controversial Token About to Prove Everyone Wrong?

Pi Coin Price Prediction: Is the World’s Most Controversial Token About to Prove Everyone Wrong?

21.06.2025
Pepe Price Prediction: This Rare MVRV Signal Just Flashed — Why Traders Are Paying Close Attention

Pepe Price Prediction: This Rare MVRV Signal Just Flashed — Why Traders Are Paying Close Attention

21.06.2025
On-chain Wealth Turns Deadly: Crypto Kidnapping in Paris Forces Victim to Hand Over Ledger Wallet

On-chain Wealth Turns Deadly: Crypto Kidnapping in Paris Forces Victim to Hand Over Ledger Wallet

21.06.2025
ChatGPT Predicts the Price of XRP, Pi Coin and Cardano by the End of 2025

ChatGPT Predicts the Price of XRP, Pi Coin and Cardano by the End of 2025

21.06.2025
Load More
Next Post
Short-term Bitcoin investors face pain, triggering panic selling worries

Short-term Bitcoin investors face pain, triggering panic selling worries

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Shiba Inu Holders Shift Funds to This New Crypto Gambling ICO, Eyeing 100x Gains in 2024

Shiba Inu Holders Shift Funds to This New Crypto Gambling ICO, Eyeing 100x Gains in 2024

1 year ago
National Blockchain Center Launched in China To Boost Adoption

National Blockchain Center Launched in China To Boost Adoption

2 years ago

BlackRock’s ETF Success Rate With the SEC Is 575 to 1, What About its Bitcoin Application?

2 years ago
From $10K to $75K: How Dave Portnoy Pumped and Dumped a Meme Coin on His Followers

From $10K to $75K: How Dave Portnoy Pumped and Dumped a Meme Coin on His Followers

4 months ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

On-chain Wealth Turns Deadly: Crypto Kidnapping in Paris Forces Victim to Hand Over Ledger Wallet

Standard Chartered forecasts surge tokenizing real-world assets beyond stablecoins

ChatGPT Predicts the Price of XRP, Pi Coin and Cardano by the End of 2025

Bloomberg analysts revise ETF approval odds to ‘90% or higher’ as SEC requests amended filings

BOE Governor’s Skepticism Threatens Digital Pound Timeline Amid Global CBDC Race

Bitcoin falls to monthly lows triggering $464 million in liquidations amid global market jitters

Trending

XRP Price Prediction: Analyst Declares ‘Only Two Paths Remain’ as XRP Tightens to Breaking Point
All news

XRP Price Prediction: Analyst Declares ‘Only Two Paths Remain’ as XRP Tightens to Breaking Point

21.06.2025
0

The XRP price has inched up to $2.17 today, with this consolidation happening as the crypto market...

Pi Coin Price Prediction: Is the World’s Most Controversial Token About to Prove Everyone Wrong?

Pi Coin Price Prediction: Is the World’s Most Controversial Token About to Prove Everyone Wrong?

21.06.2025
Pepe Price Prediction: This Rare MVRV Signal Just Flashed — Why Traders Are Paying Close Attention

Pepe Price Prediction: This Rare MVRV Signal Just Flashed — Why Traders Are Paying Close Attention

21.06.2025
On-chain Wealth Turns Deadly: Crypto Kidnapping in Paris Forces Victim to Hand Over Ledger Wallet

On-chain Wealth Turns Deadly: Crypto Kidnapping in Paris Forces Victim to Hand Over Ledger Wallet

21.06.2025
Standard Chartered forecasts surge tokenizing real-world assets beyond stablecoins

Standard Chartered forecasts surge tokenizing real-world assets beyond stablecoins

21.06.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz