Bitgo, the custodian of the Wrapped Bitcoin project (WBTC), the most popular tokenized BTC platform to-date, announced a partnership with Tron.
Members of the crypto ecosystem will soon be able to leverage WBTC via the Tron (TRX) network. Just like the tokenized BTC created using Ethereum’s ERC20 token standard, the Wrapped Bitcoin (WBTC) team will utilize the TRC20 token standard from Tron’s infrastructure. Similarly, all the BTC deposited is backed by the Bitgo Trust, and each WBTC minted on Tron will be worth the same price as one BTC.
“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,” said Justin Sun, founder of the Tron project and CEO of Bittorrent.
Sun also mentioned that users can utilize a decentralized exchange (dex) that is similar to Uniswap called Justswap. “[Justswap] has achieved $100 million 24-hour volumes since its start and represents Tron’s strong and growing defi ecosystem,” Sun claimed.
WBTC has been an integral part of the decentralized finance (defi) space, and the project commands the most tokenized BTC so far. Between projects like RSK, Liquid, and ETH-based BTC derivatives like WBTC, renBTC, hBTC, sBTC, imBTC, pBTC, tBTC, tzBTC, btc2, and the latest addition on Tron there are over twelve tokenized BTC projects people can choose from today.