Place/Date: SAN FRANCISCO, CA - September 24th, 2020 at 8:23 pm UTC · 3 min read
Contact: Ryan E. Dennis, Source:
TRON, one of the largest and most popular blockchain-based operating systems in the world, has entered a strategic alliance with BitGo, the leader in digital asset financial services, to bring Wrapped Bitcoin (WBTC) and a newly minted Wrapped Ether to the TRON ecosystem as TRC20 tokens.
Wrapped Bitcoin (WBTC) is pegged to Bitcoin and has over $820 million USD worth of Bitcoin in custody, while Wrapped Ether will be pegged to Ether. BitGo, will custody the underlying BTC and ETH, allowing participating merchants to tokenize their assets by minting Wrapped Bitcoin
and Wrapped Ether. Wrapped Bitcoin and Wrapped Ether users will be able to utilize BTC/ETH in a wide variety of new use cases. These options include collateral for stablecoins, lending on decentralized exchanges (DEXs), payments and flexible smart contracts within the TRON ecosystem.
Justin Sun, founder of TRON and CEO of BitTorrent, said:
“We are excited to expand TRON’s DeFi potential by partnering with the industry leader BitGo to bring integral cross-chain solutions such as Wrapped Bitcoin (WBTC) and Wrapped Ether to TRON. Everyone may now use their BTC/ETH to enjoy all the benefits of the TRON DeFi ecosystem without the high gas fees on Ethereum! JustSwap, a Uniswap alike service on TRON, has achieved $100 million 24-hour volumes since its start and represents TRON’s strong and growing DeFi ecosystem.”
BitGo has entered this alliance after seeing significant growth of DeFi use cases on the TRON Protocol. With BitGo providing custody of the tokens, BTC and ETH holders on Ethereum DeFi now have open doors to the benefits of DeFi on TRON, such as negligible gas fees and higher transaction speeds.
Mike Belshe, CEO, BitGo, said:
“Since launching WBTC in 2019, BitGo has seen tremendous growth on Ethereum coupled with the remarkable rise of DeFi activity. Our new strategic alliance with TRON creates even greater opportunities for users to expand to other chains and tokenize their BTC on the TRON dApp ecosystem, while transacting at a lower cost and faster speed.”
Stay tuned as we announce development and integration progress in the upcoming weeks!
TRON is dedicated to accelerating and 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 on May 2018, network independence on June 2018, and TRON Virtual Machine launch on August 2018. July 2018 also marked the acquisition of BitTorrent, a pioneer in decentralized services boasting approximately 100M monthly active users.
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.
Disclaimer: Custody services are offered through BitGo Trust Company, a South Dakota chartered trust company. BitGo is not registered with the SEC, and does not offer legal, tax, investment, or other advice. Please consult your legal/tax/investment professional for questions about your specific circumstances.