ChainCatcher news, according to CoinDesk, BitGo CEO Mike Belshe defended the recent collaboration with BiT Global on Wrapped Bitcoin, stating that wBTC critics have not "honestly" expressed their concerns, and said: "There is no doubt that the model proposed by BitGo and the way of storing keys is far better than any model that Coinbase can or will design."Despite concerns about Justin Sun's involvement, the deal with BiT Global aims to enhance security and expand in Asia, adopting a model that separates key custody among multiple institutions to eliminate single points of failure.

ChainCatcher news, TRON founder and Huobi HTX Global Advisory Committee member Justin Sun participated in an X Space hosted by Jupiter co-founder Meow, where he had an in-depth discussion with BitGo CEO Mike Belshe and representatives from BiT Global regarding WBTC-related issues. Justin Sun stated that WBTC holds significant importance and brand value in the cryptocurrency field.Justin Sun mentioned that BiT Global and the new team will cherish the tradition of WBTC and ensure that the existing protocols, minting and burning processes, and transparency remain unchanged. He also emphasized that as builders in the blockchain space, their primary task is to protect the community and users, rather than merely pursuing profits. He stated that the team will invest all resources to focus on enhancing user experience and continue to drive the development of the cryptocurrency industry, ensuring WBTC's influence and security globally.BitGo CEO Mike Belshe also responded to controversial issues related to BiT Global during the conversation. He stated that although BiT Global is relatively new as a custodian, BitGo will still participate in the co-signing of transactions to ensure the legitimacy of the minting and burning processes. Belshe emphasized that trust is the hardest thing to earn in the cryptocurrency space, and the community should trust this new dual-signature arrangement, believing it will bring greater security and transparency to WBTC.

ChainCatcher news, Jupiter co-founder Meow posted on X that at 11 AM tomorrow, he will host an X Space for BitGo CEO Mike Belshe and Sun Yuchen (Bitglobal) to discuss the upcoming changes to WBTC, covering the following topics:Who is part of the multi-signature holders of these BTC?Will these BTC be used for any purpose?What are the benefits for both parties, is TRON adopting WBTC? If so, is there no need to acquire the entire setup?What exactly is the benefit of multi-jurisdiction?Is it possible to find a compelling independent party within this organization to serve as a communicator and signer?

ChainCatcher news, BitGo previously announced that it would become a minority shareholder in the newly established joint venture with Hong Kong's BiT Global, providing "multi-jurisdictional and multi-institutional custody" for the WBTC business. The company also described this move as a "strategic partnership" between BitGo and Tron founder Justin Sun.Justin Sun's involvement in the joint venture has a 60-day transition period, which has led Maker DAO's risk management team, Block Analitica Labs, to propose preventing new loans using WBTC as collateral on Maker's governance forum. BA Labs co-founder Monetsupply wrote, "Overall, we find Justin Sun's position as the controlling shareholder of the newly established WBTC joint venture to be an unacceptable risk."BitGo CEO Mike Belshe downplayed the impact of Justin Sun's involvement in the joint venture during an interview, emphasizing BitGo's long-term commitment to security, "BiT Global has a whole team managing multiple client accounts, and they are responsible for safeguarding them. They cannot lend out funds or arbitrarily hand over funds to Justin Sun, me, or anyone else, or they would be breaking the law and going to jail. In terms of certification, we have always had wbtc.network, and that will continue to operate." Regarding Maker DAO, Belshe stated he is willing to assist with due diligence to alleviate any concerns.

ChainCatcher news, according to CoinDesk, BitGo CEO Mike Belshe stated that despite the optimism across the industry, the U.S. Securities and Exchange Commission (SEC) is "very likely" to reject a series of spot Bitcoin ETF applications.Belshe mentioned that the SEC may reject the current applications on the grounds that the exchange and custody are not separated. Coinbase (COIN) has been chosen by several applicants as a potential ETF custody partner. Belshe believes that there are many unknown risks associated with the Coinbase entity.

ChainCatcher news, according to CoinDesk, cryptocurrency custody company BitGo still has acquisition plans after abandoning its acquisition of competitor Prime Trust. CEO Mike Belshe mentioned, "We have (other acquisitions) that are not completed, and I haven't been able to announce them, but I believe there will be consolidation in this space within the next 6 months."Previously, BitGo terminated its acquisition of Prime Trust amid speculation that the target would go bankrupt. Reports emerged that Prime Trust was ordered by the Nevada Department of Financial Institutions to cease deposits and withdrawals. (Source link)