BitGo Partners with BiT Global and Justin Sun to Transform WBTC Product

• BitGo partners with BiT Global and Justin Sun for WBTC venture.
• WBTC primarily on Ethereum, with over 154,000 tokens worth $9 billion.
• MakerDAO suggests reducing WBTC collateral limits due to partnership.
• Concerns raised over Sun's involvement, but BitGo CEO assures security.
• Sun involved in WBTC on Tron, separate from BitGo's product.
• BA Labs proposes changes to WBTC debts in MakerDAO forum.

Summary :
BitGo has announced a new partnership with BiT Global and Justin Sun, transforming its wrapped bitcoin (WBTC) product. BitGo will now be a minority shareholder in the venture. WBTC is primarily offered on Ethereum, with over 154,000 WBTC worth over $9 billion. It is also available on other platforms but in much smaller quantities. MakerDAO delegates have suggested reducing WBTC collateral limits in response to the change. BitGo CEO Mike Belshe assures that the security protocols for WBTC remain unchanged and that the controversy surrounding Sun's involvement is a reaction to his name rather than factual concerns. Sun himself claims that there have been no changes to WBTC and that he does not control the private keys to the WBTC reserves. Concerns have been raised about Sun's previous involvement in wrapped bitcoin products without transparency.

Sources :

- Protos
- CoinTelegraph