PANews reported on October 10 that according to Cryptoslate, in view of the recent challenges BitGo has faced in the DeFi market, Threshold Network proposed to further decentralize BitGo's Wrapped Bitcoin (WBTC). On October 9, Matt Luongo, founder of the Bitcoin-focused startup studio Thesis, outlined the goal of using the Threshold Network to expand the number of signers involved in managing WBTC assets. He proposed a phased approach that would gradually increase the number of signers and maintain the current market structure. As the signature set grows, BitGo and BitGlobal will join the Threshold network to establish a decentralized custody system for WBTC without immediately changing the relevant contracts. Luongo described this approach as a cost-effective way for WBTC holders to bridge decentralized assets through Threshold's tBTC Bitcoin. According to him, the ultimate goal is to create a widely adopted, decentralized, BTC-backed token that meets the needs of a variety of market participants.
Previously, on October 8, WBTC’s custody structure had been transferred to three countries: the United States, Singapore, and Hong Kong. This new custody arrangement uses a multi-signature system, which requires two signatures to approve transactions or transfer funds from the wallet.
