BitGo News: BitGo Transfers Wrapped Bitcoin Control to Joint Venture

August 20, 2024

BitGo News - August 20, 2024

BitGo announces the transfer of Wrapped Bitcoin (WBTC) control to a joint venture with BiT Global and the Tron ecosystem, raising concerns among DeFi platforms. MakerDAO and Aave respond with significant policy changes. Listen for a comprehensive analysis.

( 00:00:00 ) Introduction

( 00:00:32 ) BitGo to Transfer Control of Wrapped Bitcoin to Joint Venture

0:00 - 0:00

BitGo has announced plans to transfer control of Wrapped Bitcoin (WBTC) to a joint venture involving itself, BiT Global, and the Tron ecosystem. This decision has raised concerns among major DeFi players. In response, MakerDAO has approved a proposal to prohibit borrowing against WBTC collateral on its Sparklend platform as of August 16. Additionally, Aave is considering adopting an alternative wrapped Bitcoin token, TBTC, offered by Threshold Network.

Sources

1 https://coinjournal.net/news/whale-accumulates-118m-in-wrapped-bitcoin-wbtc-amid-controversy/

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