Wrapped Bitcoin (WBTC), a tokenized form of Bitcoin (BTC) on the Ethereum network, has shifted to a geographically distributed custody model. BitGo and BiT Global have partnered to share control of the underlying Bitcoin in Singapore, Hong Kong, and the United States. The new multisignature custody structure requires dual approval for transactions. Despite concerns over Justin Sun's involvement, the functionality of Wrapped Bitcoin remains unchanged. Sky, a decentralized lending platform, initially proposed removing WBTC as collateral due to Sun's ties, but a recent vote favored retaining it after reassurance from BitGo's co-founder. The transition has not impacted user experience, and discussions around custody arrangements continue within the community. This move highlights the evolving landscape of tokenized assets and the importance of secure custody solutions in the crypto space. Read more AI-generated news on: https://app.chaingpt.org/news