BitGo claims the move of its Wrapped Bitcoin business will make it the world’s first “multi-jurisdictional and multi-institutional custody.”
Cryptocurrency custody platform BitGo is set to move its Wrapped Bitcoin business to a multi-jurisdictional and multi-institutional custody structure to ramp up its security efforts.
Currently, BitGo’s Wrapped Bitcoin (WBTC) custody operations and cold storage are based solely in the United States. However, according to an Aug. 9 statement, the company has begun a 60-day transition period to diversify its custodial locations and jurisdictions for the underlying Bitcoin (BTC) to include Hong Kong and Singapore as well.
WBTC represents Bitcoin and enables users to communicate with Ethereum-based decentralized finance protocols and decentralized exchanges.
