BitGo deploys wrapped BTC on Avalanche and BNB Chain
Crypto custodian BitGo is now using LayerZero’s OFT Standard to deploy its WBTC across more than 80 chains.
Cryptocurrency custody platform BitGo has adopted LayerZero’s Omnichain Fungible Token (OFT) Standard for its Wrapped Bitcoin (WBTC), enabling the asset to operate across multiple blockchain networks.
According to a Sept. 10 announcement, BitGo is deploying WBTC on Avalanche and BNB Chain as part of the rollout, with more chains to be included. Prior to this advanced rollout, WBTC was available on networks such as Ethereum, Base, Tron, and Polygon.
Wrapped Bitcoin (WBTC) is a tokenized version of Bitcoin (BTC) that allows holders to use BTC value in decentralized finance (DeFi) applications for trading, lending, and liquidity. Each WBTC is backed 1:1 by Bitcoin. According to data from CoinGecko, the token’s market capitalization was $8.8 billion at the time of writing.
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Author: Ana Paula Pereira
