TRON, one of the largest and most popular blockchain-based operating systems in the world, together with BitGo, the leader in digital asset financial services, have successfully launched Wrapped Bitcoin (WBTC) and the newly minted Wrapped Ether (WETH) on the TRON blockchain as TRC20 tokens.
Wrapped Bitcoin (WBTC) is pegged to Bitcoin and has over $3B worth of Bitcoin in custody, while Wrapped Ether (WETH) is pegged to Ether. BitGo is the sole custodian for the underlying BTC and ETH. This launch allows participating merchants to tokenize their assets by minting Wrapped Bitcoin and Wrapped Ether. Users of Wrapped Bitcoin and Wrapped Ether will be able to utilize their BTC and ETH in a wide variety of decentralized applications in the TRON ecosystem which include trading on decentralized exchanges (DEXs), collateralized loan markets, payment systems, and more.
“This is the beginning of a new era wherein TRON’s growing community may finally enjoy the unlimited potential of DeFi,” said Justin Sun, Founder of TRON and CEO of BitTorrent. “Our blossoming alliance with BitGo has finally brought cross-chain solutions like WBTC and WETH to fruition. With this partnership, JustLink, JustSwap, and TRON’s growing suite of DeFi services, we will continue to cultivate an ecosystem for our users to access their favorite cryptocurrencies with innovative financial mechanisms and high liquidity. We dreamt of providing our users with the benefits of BTC/ETH without the high gas fees and today it is a reality.”
“As the custodian for wrapped tokens, BitGo is leading DeFi growth and promoting liquidity across blockchains,” said Chen Fang, Chief Product Officer. “We are proud to contribute to the growth of this ecosystem with unique and unexplored use cases for wrapped assets by bringing WBTC and WETH to TRON.”
About TRON
TRON is dedicated to accelerating the decentralization of the internet through blockchain technology and decentralized applications. Founded in September 2017 by Justin Sun, the company has delivered a series of achievements, including MainNet launch in May 2018, network independence in June 2018, and TRON’s Virtual Machine release in August 2018. July 2018 also marked the acquisition of BitTorrent, a pioneer in decentralized services boasting approximately 100M monthly active users.
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About BitGo
BitGo is the leader in digital asset financial services, providing institutional investors with liquidity, custody, and security solutions. In 2020, BitGo launched Prime Trading and Lending, as well as BitGo Portfolio and Tax, providing clients with a full-stack solution for digital assets. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo processes over 20% of all global Bitcoin transactions and supports over 300 coins and tokens. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and institutional investors and spans more than 50 countries. BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners.
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Disclaimer
BitGo Trust Company, BitGo Inc., and BitGo Prime LLC are separately operated, wholly-owned subsidiaries of BitGo Holdings, Inc., a Delaware corporation headquartered in Palo Alto, CA.
No legal, tax, investment, or other advice is provided by any BitGo entity. Please consult your legal/tax/investment professional for questions about your specific circumstances. Digital asset holdings involve a high degree of risk and can fluctuate greatly on any given day. Accordingly, your digital asset holdings may be subject to large swings in value and may even become worthless.
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Anjali George