Fun

Bitgo Plans to Launch Wrapped Bitcoin on the Tron Blockchain

News Feed - 2020-09-26 11:09:30

Bitgo Plans to Launch Wrapped Bitcoin on the Tron Blockchain


Soon there will be another network that allows people to tokenize BTC in order to leverage the underlying blockchain’s speed and fees. On September 24, Bitgo, the custodian of the Wrapped Bitcoin project (WBTC), the most popular tokenized BTC platform to-date, announced a partnership with Tron.


Members of the crypto ecosystem will soon be able to leverage WBTC via the Tron (TRX) network. Just like the tokenized BTC created using Ethereum’s ERC20 token standard, the Wrapped Bitcoin (WBTC) team will utilize the TRC20 token standard from Tron’s infrastructure. Similarly, all the BTC deposited is backed by the Bitgo Trust, and each WBTC minted on Tron will be worth the same price as one BTC.


“We are excited to expand Tron’s defi potential by partnering with the industry leader Bitgo to bring integral cross-chain solutions such as ​Wrapped Bitcoin (WBTC) and Wrapped Ether​ to Tron,” said Justin Sun, founder of the Tron project and CEO of Bittorrent.


Sun also mentioned that users can utilize a decentralized exchange (dex) that is similar to Uniswap called Justswap. “[Justswap] has achieved $100 million 24-hour volumes since its start and represents Tron’s strong and growing defi ecosystem,” Sun claimed.


WBTC has been an integral part of the decentralized finance (defi) space, and the project commands the most tokenized BTC so far. Between projects like RSK, Liquid, and ETH-based BTC derivatives like WBTC, renBTC, hBTC, sBTC, imBTC, pBTC, tBTC, tzBTC, btc2, and the latest addition on Tron there are over twelve tokenized BTC projects people can choose from today.


The trustless tokenized BTC project called tBTC just recently re-launched and there’s now 83 tBTC ($885k) in circulation on Friday afternoon. Additionally, the Polkadot ecosystem will also see a tokenized BTC project with polkaBTC. Compared to all the tokenized BTC platforms, WBTC eclipses them all with 73% of the supply or 83,983 tokenized BTC assets according to stats from Dune Analytics.


Similarly to when Tether migrated a great majority of USDT to the Ethereum network, the WBTC team says speed and lower fees was one of the reasons to partition some WBTC over to Tron. “Since launching WBTC in 2019, Bitgo has seen tremendous growth on Ethereum coupled with the remarkable rise of defi activity,” said Mike Belshe, CEO, Bitgo.


“Our new strategic alliance with Tron creates even greater opportunities for users to expand to other chains and tokenize their BTC on the Tron dapp ecosystem, while transacting at a lower cost and faster speed,” Belshe added.


What do you think about Bitgo leveraging both Ethereum and Tron to issue WBTC? Let us know in the comments section below.A Deep Dive Into Polkadot and How DOT Became a Top Ten Crypto ContenderALTCOINS | 2 days agoSBTC Plummets by 99% as Devs Announce Dissolution of TokenALTCOINS | 3 days agoTags in this storyAltcoins, BitGo, Bitgo Trust, BTC2, HBTC, imbtc, justin sun, Liquid, Mike Belshe, pBTC, Renbtc, RSK, SBTC, tbtc, tron, Tron Network, tzBTC, WBTC


Image Credits: Shutterstock, Pixabay, Wiki CommonsSpot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here.Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimerShow comments

News Feed

Turner Wright2 hours agoJump Crypto filed docs confidentially in SEC v. Terraform Labs caseThe trading firm and its CEO, Kanav Kariya, allegedly manipulated the price of TerraUSD to gain roughly $1.3 billion in profits.4
Tristan Greene6 hours agoResearchers demonstrate ‘unconditionally secure’ quantum digital paymentsThe research represents a possible breakthrough in quantum communications and, potentially, the onset of the era of qu
Binance Taker Buy/Sell Ratio Falls Below 1.0 as Bitcoin Sees Renewed Selling
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Arbitrum to distribute $215M in ARB tokens for gaming innovation
Amaka Nwaokocha23 hours agoArbitrum to distribute $215M in ARB tokens for gaming innovationInitially introduced in March, the proposal was approved on June 7, with over 75% of votes in favor.5514 Total views9 Total share
Ethereum Eyes Key Support At $2,350 — Price Surge To Follow?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Users Criticize Uniswap’s Decision to Remove Over 100 Tokens From Main Interface
Users Criticize Uniswap"s Decision to Remove Over 100 Tokens From Main Interface The largest decentralized exchange (dex) platform, in terms of trade volume, Uni
Bitcoin Derivatives Action Swells: A Few June Futures Trade for $30K, Deribit Adds $140K Options Strike
Bitcoin Derivatives Action Swells: A Few June Futures Trade for $30K, Deribit Adds $140K Options Strike Bitcoin derivatives markets have been seeing significant
Unicoin exec explains why projects fail — Blockchain Futurist Conference
Vince Quill4 hours agoUnicoin exec explains why projects fail — Blockchain Futurist ConferenceUnicoin hopes to launch on exchanges later this year and focuses on creating digital assets backed by investment portfolio w
‘Pharma Bro’ claims Barron Trump holds private keys to DJT token
Brayden Lindrea3 hours ago‘Pharma Bro’ claims Barron Trump holds private keys to DJT tokenConvicted felon Martin Shkreli, also known as “Pharma Bro,” claims Barron Trump is the true creator behind the DJT token,
Ether price drops 26% since ETF launch as supply increases by 60,500 ETH
Zoltan Vardai12 hours agoEther price drops 26% since ETF launch as supply increases by 60,500 ETHThe US Ether ETFs generated over $420 million worth of selling pressure for the world"s second-largest cryptocurrency.3202
Nanjing University Sets Up One of the First Metaverse Majors in China
Nanjing University Sets Up One of the First Metaverse Majors in China Nanjing University in China has reportedly launched one of the first majors in the country dedicated to the st
Derek Andersen3 hours agoIMF eyes tens of billions in crypto asset taxes, has few suggestions for collecting themIncome tax, property tax, VAT, corrective taxation — there is a tax goldmine out there for governments, b