Threshold Network has put forth a proposal to acquire BitGo's Wrapped Bitcoin (WBTC) product, offering $36.4 million worth of their T tokens. The aim is to shift WBTC from centralized custody to Threshold's decentralized model by merging it with their tBTC Bitcoin bridge. The proposal, presented by NuCypher's co-founder MacLane Wilkison, involves minting additional T tokens as a grant to BitGo, making them the largest stakeholder in Threshold Network. This move combines WBTC's market cap and adoption with tBTC's bridging mechanism. If accepted, the merger will be implemented gradually, transferring WBTC to decentralized custody. In case of rejection, the minted T tokens could subsidize offboarding WBTC. The proposal addresses concerns raised by BitGo's recent multi-jurisdictional custody model announcement. Despite market fluctuations, the crypto industry continues to evolve, with notable events like former President Trump's NFT venture and El Salvador's Bitcoin adoption. Read more AI-generated news on: https://app.chaingpt.org/news