Abandoning FUD, WBTC remains one of the safest Bitcoin DeFi applications
BiT Global has formed a strategic partnership with Sun Yuchen and the Tron ecosystem, sparking discussions about the security of WBTC.Recently, WBTC custodian BitGo announced that it will move its WBTC operations to a joint venture with BiT Global to diversify custody operations and cold storage across multiple jurisdictions. Due to BiT Global's strategic partnership with Sun Yuchen and the Tron ecosystem, discussions about the security of WBTC have been sparked.
In fact, the official announcement has already clarified all the details of the collaboration, including but not limited to the use of the same cold storage technology deployed by BitGo since 2019, and the upgrade will enhance the security of WBTC operations by diversifying custody jurisdictions and Bitcoin storage locations. Moreover, real-time reserve proof will continue to be provided through https://wbtc.network.
In summary, the joint venture will continue to use BitGo's multi-signature technology and deep cold storage, with the only change being the distribution of keys across multiple global locations. To ensure stability, the upgrade will take place after 60 days to guarantee a smooth transition of custody assets and merchant migration.
This conveys to the market the joint venture's emphasis on security, transparency, and user experience, and demonstrates the company's confidence in existing technology as well as its prevention and preparation for potential future risks.
Currently, this is an upgrade collaboration in the industry, and those few trying to leverage this FUD are lacking basic respect for the facts.
According to public information, BiT Global is a globally regulated digital asset custody platform that holds a Hong Kong Trust and Company Service Provider (TCSP) license, focusing on serving international institutional clients.
In an interview with The Block, BitGo CEO Mike Belshe also stated, "BiT Global has a whole team responsible for managing multiple client accounts, which have an obligation to safeguard them properly."
In a recent X Space discussion hosted by Jupiter co-founder Meow, Mike Belshe also responded to community concerns raised by the BiT Global collaboration project. He stated that although BiT Global is relatively new as a custodian, it has strict fiduciary duties as a licensed institution, while BitGo will still participate in the co-signing of transactions to ensure the legitimacy of the minting and burning processes.
Sun Yuchen also emphasized that his personal involvement in WBTC is entirely strategic. Strictly speaking, although Sun Yuchen has a direct connection with BiT Global, he brings more certainty and development opportunities to the WBTC project.
Sun Yuchen's involvement can bring more certain development opportunities for WBTC, based on his global resources and deep influence in the industry, which can open up broader development paths for WBTC. This not only helps WBTC stand out in the competitive crypto market but also brings new collaboration opportunities and business growth points for BiT Global.
Therefore, this cooperation model not only ensures the robust growth of the WBTC project but also creates a win-win situation of mutual benefit and common prosperity for all parties involved.
Abandoning unfounded fears, uncertainties, and FUD, WBTC remains one of the safest Bitcoin DeFi applications. Sun Yuchen's involvement brings more positive factors, and we should look forward to the future development of WBTC with great anticipation!
