BitGo Introduces DeFi-Friendly Wrapped Bitcoin To Tron Blockchain

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BitGo (Courtesy: twitter)
BitGo (Courtesy: twitter)

Tron, the blockchain launched in 2017 by former Ripple devotee Justin Sun, has entered a strategic alliance with custody specialists BitGo.

The partnership will bring BitGo’s wrapped bitcoin (WBTC) into the Tron ecosystem as a TRC-20 token. (The token is backed roughly 1:1 by bitcoin deposited by users at BitGo Trust, a qualified custodian in the U.S.)

The introduction of WBTC – plus a newly-created wrapped ether token from BitGo – is meant to help fuel the incipient decentralized finance (DeFi) ecosystem on Tron. WBTC has been a key driver in the growth of DeFi on Ethereum. (Note: BitGo has nothing to do with the existing wrapped ether (WETH) token used widely in Ethereum DeFi applications.)