hold or not - Bitgo BiT Global Venture Established To Enhance The Custody Of $95 Billion WBTC

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LIVE UPDATES • Bitgo BiT Global Venture Established To Enhance The Custody Of $95 Billion WBTC • Chainwire Review: A Premier Solution for Crypto Press Releases • Donald Trump-themed Coin Insiders Profit $3.8 Million After Former President’s Reputation Fraud • USDT and USDC Supply Increased by Nearly $3 Billion in a Week • Long-Term Bitcoin Holders Remain Optimistic Amid Market Volatility • Hashdex Nasdaq Crypto Index ETF Still Not Approved Until September 30 • The City of Santa Monica Bitcoin Office Launched to Promote Industry Education • IRS Crypto Tax Draft Form Released to Aid Reporting of Digital Asset Transactions • The Thailand SEC Sandbox Launched to Promote Crypto Industry • Animoca Brands Valuation Is Now Just $1.5 billion on Secondary Market

News Bitgo BiT Global Venture Established To Enhance The Custody Of $95 Billion WBTC 1 min - Around 2 mins mins to read

Key Points:

BitGo and BiT Global have partnered to form a joint venture that will enhance the custody and cold storage of WBTC.

The BitGo BiT Global venture will expand custody operations from the U.S. to include Hong Kong and Singapore.

BitGo and BiT Global have announced a strategic joint venture looking at further extensions of its custody and cold storage solutions for Wrapped Bitcoin, or WBTC.

Read more: BitGo Licence in Singapore Now Approved for Digital Token Services

BitGo BiT Global Venture for WBTC Custody Expansion

The deal also includes BitGo taking a minority stake in the new entity as part of this partnership. The BitGo BiT Global venture will help increase the security and geographical distribution of WBTC’s custodial practices, taping into BitGo’s established multi-signature and cold storage technologies.

Transitioning over a 60-day period, custody will be taken from the United States to include locations in Hong Kong and Singapore.

BiT Global will be the co-custodian of these assets, based in Hong Kong and regulated as a trust and corporate service provider. Conversely, despite these changes, both BitGo and BiT Global will work towards the same security protocols and key management strategies for the said period since 2019.

Justin Sun Addresses Community Concerns Over WBTC Management

Some concerns have been raised in the community concerning Justin Sun’s influence over the BitGo BiT Global venture. Sun clarified his involvement, saying he is just a strategic partner. He further commented that he doesn’t control WBTC private keys, and he assured everybody that audits are done in real-time with results on the WBTC network’s official website.

According to BitGo, the minting and governance of WBTC would work the same, in accordance with the custody procedures laid down. There are 155,000 WBTC circulating on Ethereum, amounting to nearly $9.5 billion. WBTC is an integral component of most DeFi protocols like Aave, Compound, and Maker.

BiT Global BitGO Bitgo BiT Global Venture hong kong Justin sun singapore WBTC

Author Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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Bitgo BiT Global Venture Established To Enhance The Custody Of $95 Billion WBTC