BitGo is Expanding its Wrapped Bitcoin Operation to Multi-Jurisdictional Custody

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As a seasoned analyst with over two decades of experience in the financial industry, I’ve seen my fair share of security breaches and asset losses. So, when I hear about BitGo’s strategic move to decentralize its Wrapped Bitcoin (WBTC) storage, I can’t help but feel a sense of relief and admiration.

As an analyst, I’m sharing an update on BitGo’s current transition aimed at enhancing the security of their Wrapped Bitcoin (WBTC) operations. Instead of solely storing WBTC within the U.S., they are now expanding their custody services to multiple global locations such as Hong Kong and Singapore. This strategic move will help diversify their holdings and potentially increase the resilience of their WBTC operations.

Starting on August 9, as stated in an official announcement, BitGo has initiated a 2-month plan to distribute their Bitcoin storage across multiple new sites. This move aims to enhance security by minimizing risks that come from keeping all assets in a single location.

As an analyst, I can share that our strategy moving forward involves leveraging our current security infrastructure, including multi-signature technology and cold storage. However, we’re taking this a step further by globally dispersing our storage locations as part of a strategic partnership with BiT Global. This innovative setup is intended to be the first of its kind in our industry.

The changeover should be finished on October 8th. Additionally, BitGo’s CEO, Mike Belshe, has indicated that the Tron Network and its creator, Justin Sun, are part of this endeavor.

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2024-08-11 15:00