đ° Wrapped Bitcoin Shifts to Multi-Jurisdiction Custody, Sparking Community Debate
đ Wrapped Bitcoin (WBTC), a tokenized version of Bitcoin on the Ethereum network, has completed its transition to a geographically distributed custody structure. The new arrangement involves a partnership between BitGo and BiT Global, with custody shared across Singapore, Hong Kong, and the United States. This move aims to enhance security and decentralization by requiring two signatures for any transaction approval.
đ Despite the transition's seamless implementation for users, it has sparked debates within the cryptocurrency community. The Sky platform (formerly Maker) initially voted to remove WBTC as a collateral asset due to concerns over Justin Sun's involvement. However, the platform is now reconsidering this decision following discussions with BitGo co-founder Mike Belshe.
đŹ How do you think this new multi-jurisdiction custody arrangement for WBTC will impact its perceived reliability and adoption in the DeFi ecosystem
