PANews reported on August 11 that according to the BitGo blog, BitGo and BiT Global have partnered to create a joint venture to diversify WBTC's custody and cold storage businesses across multiple jurisdictions, and BitGo will become a minority shareholder in the new joint venture.
The joint venture will continue to use the same BitGo multi-signature technology and cold storage technology that has been used to protect Bitcoin since 2019, with the only difference being the ability to distribute keys in multiple locations around the world. The transition period for this custody change is 60 days. BiT Global is a global custody platform headquartered in Hong Kong, regulated and registered as a Trust and Company Service Provider (TCSP), with a strategic partnership with Justin Sun and the Tron ecosystem.
Earlier news, in response to "some concerns in the community about Sun Yuchen's participation in various projects including WBTC", Sun Yuchen issued a statement on the X platform to clarify. He said that WBTC has not changed from before. The audit is conducted in real time and can be accessed at http://wbtc.network. The minting process is managed entirely by custodians Bitglobal and Bitgo according to the same procedures as before. In short, Bitglobal and Bitgo will not sign any unaudited transactions. The keys are still protected using the same Bitgo cold wallet technology and offline keys, and are backed up in multiple countries and regions. My participation in WBTC is entirely strategic. I do not control the private keys of the WBTC reserves, nor can I move any BTC reserves.
