CryptoMediaClub
Tuesday, September 16, 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

Crypto Price Prediction Today 15 September – XRP, PUMP, Hyperliquid
All news

Crypto Price Prediction Today 15 September – XRP, PUMP, Hyperliquid

16.09.2025
0

The crypto price prediction for most major tokens has suffered a blow today, after the market’s total cap fell by...

Read moreDetails
Russian Crypto Miners Relocating to Big Urban Areas – But Face Fresh Challenge

Russian Crypto Miners Relocating to Big Urban Areas – But Face Fresh Challenge

16.09.2025
Bitcoin Price Prediction: PayPal Boost, $73B Strategy Bet, and $119.5K Target

Bitcoin Price Prediction: PayPal Boost, $73B Strategy Bet, and $119.5K Target

16.09.2025
Ethereum Treasuries Set to Outperform Bitcoin and Solana as DAT Shakeout Looms: Standard Chartered

Ethereum Treasuries Set to Outperform Bitcoin and Solana as DAT Shakeout Looms: Standard Chartered

15.09.2025
France Threatens to Block EU-Licensed Crypto Firms, AMF Pushes for Centralized Oversight: Report

France Threatens to Block EU-Licensed Crypto Firms, AMF Pushes for Centralized Oversight: Report

15.09.2025
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

BlackRock’s BUIDL Token Authorized to Again Frax Finance’s frxUSD Stablecoin

BlackRock’s BUIDL Token Authorized to Again Frax Finance’s frxUSD Stablecoin

9 months ago
Shopify Teams Up With Solana Pay; Boosting Crypto Adoption

Shopify Teams Up With Solana Pay; Boosting Crypto Adoption

2 years ago
Best Crypto to Buy Now November 26 – FTM, ARB, TAO

Best Crypto to Buy Now November 26 – FTM, ARB, TAO

10 months ago
Bitcoin set to ‘tick, tick, tick’ by the end of 2023: DeFi exec

Bitcoin set to ‘tick, tick, tick’ by the end of 2023: DeFi exec

2 years ago

Categories

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

Highlights

Russian Crypto Miners Relocating to Big Urban Areas – But Face Fresh Challenge

Bitcoin Price Prediction: PayPal Boost, $73B Strategy Bet, and $119.5K Target

Ethereum Treasuries Set to Outperform Bitcoin and Solana as DAT Shakeout Looms: Standard Chartered

France Threatens to Block EU-Licensed Crypto Firms, AMF Pushes for Centralized Oversight: Report

If OCC grants Ripple a national charter, does RLUSD sideline XRP or supercharge it?

Circle Prepares to Launch Native USDC in Hyperliquid Blockchain Ecosystem

Trending

NAKA shares plunge 54% in a day, reinforcing investor exhaustion toward Bitcoin treasury companies
Analysis

NAKA shares plunge 54% in a day, reinforcing investor exhaustion toward Bitcoin treasury companies

16.09.2025
0

KindlyMD’s NAKA shares slumped to $1.28 on Sept. 15, down by 54% in the past 24 hours...

Crypto Price Prediction Today 15 September – XRP, PUMP, Hyperliquid

Crypto Price Prediction Today 15 September – XRP, PUMP, Hyperliquid

16.09.2025
Bitcoin faces $107,000 or $125,000 move as FOMC meeting determines market direction

Bitcoin faces $107,000 or $125,000 move as FOMC meeting determines market direction

16.09.2025
Russian Crypto Miners Relocating to Big Urban Areas – But Face Fresh Challenge

Russian Crypto Miners Relocating to Big Urban Areas – But Face Fresh Challenge

16.09.2025
Bitcoin Price Prediction: PayPal Boost, $73B Strategy Bet, and $119.5K Target

Bitcoin Price Prediction: PayPal Boost, $73B Strategy Bet, and $119.5K Target

16.09.2025
  • 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