The institutional digital asset custody platform BitGo has revealed in a recent announcement that it is going to bring decentralized finance-friendly Wrapped Bitcoin (WBTC) to the Tron blockchain. Wrapped Bitcoin will enter into the ecosystem of Tron as a TRC-20 token as per the announcement.
BitGo Partners with Tron
The popular cryptocurrency custodian BitGo has formed a strategic partnership with Tron a blockchain network that was launched by Justin Sun. Through its alliance with Tron, BitGo will launch Wrapped Bitcoin (WBTC) on the Tron blockchain. As soon as the tokenized coin is launched on the blockchain, cryptocurrency community members can leverage it through the Tron network.
The main purpose behind introducing Wrapped BTC on the Tron blockchain is to help the decentralized finance (DeFi) ecosystem accelerate on the Tron network. Being an important part of the decentralized finance industry, Wrapped Bitcoin has been the key factor that has driven the growth and development of the DeFi market on Ethereum.
Commenting on this, the Chief Executive Officer (CEO) of the Bittorrent and the founder of Tron Justin Sun said that they are pleased to make an alliance with the institutional digital asset custody leader as it will help them expand their decentralized finance potential of Tron. As Justin Sun stated:
“We are excited to expand Tron’s defi potential by partnering with the industry leader Bitgo to bring integral cross-chain solutions such as Wrapped Bitcoin (WBTC) and Wrapped Ether to Tron.”
Mike Belshe, the CEO of BitGo claimed that the company has seen remarkable growth on the Ethereum blockchain and witnessed a significant surge in the decentralized finance activity since the time Wrapped Bitcoin was launched in the year 2019. Furthermore, Belshe believes that the strategic partnership between BitGo and Tron will provide new opportunities to users. Belshe said:
“Since launching WBTC in 2019, Bitgo has seen tremendous growth on Ethereum coupled with the remarkable rise of defi activity. Our new strategic alliance with Tron creates even greater opportunities for users to expand to other chains and tokenize their BTC on the Tron dapp ecosystem, while transacting at a lower cost and faster speed.”