Threshold Network has proposed further decentralizing BitGo’s Wrapped Bitcoin (WBTC) amid its recent challenges in the DeFi market. On Oct. 9, Matt Luongo, founder of the Bitcoin-focused venture studio Thesis, outlined the goal of expanding the number of signers involved in managing the WBTC asset using the Threshold Network. This proposal follows Threshold Network’s earlier…
🚀 Stay Ahead with AltcoinDaily.co! 🌐 Binance Research’s latest monthly report suggests that Wrapped Bitcoin (WBTC), the wrapped version of Bitcoin (BTC), dominates the tokenized BTC market. Noteworthy, this product, developed by BitGo, Kyber Network, and Ren, continues to maintain this position despite the criticism it is faced with. This WBTC allows crypto users to…
BitGo, a leading digital asset custodian, will offer custodial services for USDA, a Cardano-based stablecoin, according to an Oct. 1 press release. The collaboration involves BitGo Trust, USDA’s issuer Anzens, and EMURGO, the tech provider behind the Anzens platform. Their combined efforts will focus on creating a secure stablecoin solution for the Cardano blockchain that…
It’s been 48 days since Bitgo revealed its partnership with Bit Global on Aug. 9, 2024. Since that announcement, the supply of wrapped bitcoin (WBTC) held on Aave V3 has soared to a new peak. Meanwhile, cbBTC, the bitcoin derivative token from Coinbase, has hit a market cap of $247.8 million. Bitcoin Derivative Landscape Shifts…
BA Labs, an adviser to Sky, formerly known as Makerdao, has decided to stop recommending any additional parameter changes regarding the offboarding of wrapped bitcoin (WBTC) collateral. The move follows statements from Bitgo’s CEO Mike Belshe and a vote from Sky community members. Sky Adviser BA Labs Recommends Pausing WBTC Offboarding Changes BA Labs’ decision…
September 22, 2024 at 11:02 AM GST 2 mins read News BitGo’s USDS stablecoin will be backed by Treasury bills, overnight repos, and cash, offering stability. Liquidity providers contributing to USDS will receive returns from the stablecoin’s reserves, encouraging network growth. USDS offers easy access from USD, USDC, and USDT, with no conversion fees for…
The U.S. Securities and Exchange Commission (SEC) is seeking public input on a proposal by Cboe BZX Exchange to add new custodians for bitcoin and ethereum exchange-traded funds (ETFs). The plan aims to enhance security by adding Anchorage Digital Bank and Bitgo alongside Coinbase as custodians for bitcoin and ether holdings. SEC Reviews Proposal for…
This week, Cryptoquant researchers highlighted a new rivalry heating up in the wrapped bitcoin market, with Coinbase’s cbBTC stepping up to challenge Bitgo’s long-established reign. Coinbase’s Wrapped Bitcoin Token cbBTC Shakes Up Market Coinbase introduced its wrapped bitcoin token, cbBTC, in mid-September 2024, and it has swiftly expanded to a supply of 1,670 cbBTC, according…
Bitgo plans to launch its new stablecoin, USDS, in January 2025, offering a unique model that rewards liquidity providers. The announcement was made by Bitgo CEO Mike Belshe during an interview with Coindesk at the Token2049 event in Singapore. The stablecoin will be backed by U.S. Treasury bills, overnight repos, and cash, aiming to create…
Crypto custodian BitGo is set to enter the stablecoin market with plans to launch a dollar-backed USDS stablecoin by 2025, according to a Sept. 18 statement. USDS BitGo stated that USDS will be fully backed by short-term Treasury bills, overnight repos, and cash, ensuring both high liquidity and minimal risk. The firm also plans to…
🚀 Stay Ahead with AltcoinDaily.co! 🌐 BitGo, a digital asset trust and security company, has recognized that foundations and organizations must handle the digital assets they issue effectively. This realization prompted the creation of its innovative custodial token management services. This initiative offers a simplified and efficient method for institutional firms to oversee their digital…
Asset manager 21Shares has added Anchorage Digital Bank and BitGo as custodians for its spot crypto exchange-traded funds (ETFs) — the ARK 21Shares Bitcoin ETF (ARKB) and the 21Shares Core Ethereum ETF (CETH). According to a Sept. 12 statement, Anchorage Digital Bank and BitGo will now work alongside current custodian Coinbase to enhance 21Shares’ spot…
South Korea’s major telecom and financial giants become shareholders in BitGo. Hana acquires 25% and SK Telecom secures 10% of BitGo’s shares. BitGo is currently obtaining a license as a VASP in South Korea. South Korea’s major telecom and financial giants, SK Telecom and Hana Financial Group, have become significant shareholders in BitGo. This was…
According to a Sept. 3 statement, 21.co, the parent company of 21Shares, has introduced its Wrapped Bitcoin product (21BTC) on the Ethereum blockchain. The company stated that it was collaborating with Flow Traders, a leading global market maker, to launch a product that would give customers “peace of mind as they explore decentralized applications and…
Threshold Network has proposed a plan to enhance the stability and security of Wrapped Bitcoin (WBTC) by replacing its centralized custody model with Threshold’s decentralized system. This move comes in response to recent concerns within the decentralized finance (defi) ecosystem over the current custody arrangements for WBTC. Threshold Network Proposes Decentralized Custody Model for WBTC…
Justin Sun moved 2,590 Bitcoin ($156 million) after BitGo changed its WBTC custody arrangements. BitGo is shifting WBTC custody to a new joint venture with BiT Global, linked to Justin Sun. Recent significant Bitcoin (BTC) and Wrapped Bitcoin (WBTC) transactions have drawn attention to an address suspected to be connected to Justin Sun’s team. The…
MakerDAO, the decentralized autonomous organization behind the DeFi protocol Maker, has approved a proposal to halt new borrowing against BitGo’s wrapped Bitcoin (WBTC). On Aug. 15, MakerDAO revealed that it was reducing the debt ceiling for all WBTC vaults to zero. This move effectively prevents any new borrowing from these vaults and lowers WBTC’s loan-to-value…