According to BlockBeats, on August 12, The Block reported that BitGo CEO Mike Belshe downplayed Justin Sun's involvement in the joint venture and emphasized BitGo's long-term commitment to security. Belshe said: "BiT Global has a dedicated team to manage multiple customer accounts, and they have the responsibility to ensure safe custody. They can't lend the funds, and they can't give the funds to Justin Sun, me, or anyone else at will, otherwise they will violate the law and face the risk of imprisonment." He also said: "In terms of auditing, we have always had wbtc.network, which will continue to operate."
Regarding Maker DAO, Belshe said he was willing to assist with due diligence to allay any concerns. “They ask good questions. They should figure out how to do good due diligence,” Belshe said. “It’s going to take some new and creative ways to figure it out, and I think eventually people will realize it’s not a big deal at all.”
BlockBeats previously reported that on August 11, according to the official blog of BitGo, BitGo and BiT Global are creating 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 custody change will be seamless and transparent for the WBTC community, with a transition period of 60 days. The new solution will use the same BitGo multi-signature technology and cold storage technology used to protect Bitcoin since 2019. It is reported that BiT Global is a regulated trust and corporate service provider (TCSP) headquartered in Hong Kong, with a strategic partnership with Justin Sun and the Tron ecosystem.
