Justin Sun has 99 problems and WBTC is two of them
BitGo announced on Friday that it’s transforming its wrapped bitcoin (WBTC) product into a new partnership with BiT Global (or maybe it’s BitGlobal. The company — formerly Bithumb — switches between the names on the English version of its website) and Justin Sun. Having previously operated the product, BitGo will now be a “minority shareholder” in the new venture. BitGo’s WBTC WBTC is offered on several different chains, with the largest and most important being the assets on Ethereum. There are currently over 154,000 WBTC on Ethereum from this product, worth over $9 billion. It is also offered on Base, Kava, Osmosis, and Tron, but those products are a tiny fraction of the size of the WBTC on Ethereum. MakerDAO delegates have reacted to the news about the change by suggesting that the limits for WBTC as collateral be reduced. Mike Belshe, the founder and CEO of BitGo, jumped in to the discussion but was unable to share B...