Blockchain ecosystem TRON (TRX) has entered into a partnership with one of the largest bitcoin custodians BitGo.
With the partnership TRON can now support TRC20-based Wrapped Bitcoin (WBTC) pegged at a 1:1 value with the original bitcoin (EXANTE: Bitcoin).
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BitGo claims it will custody the underlying BTC and ethereum (ETH) assets, allowing participating merchants to tokenize their assets by minting Wrapped Bitcoin and Wrapped Ether (WETH). With WBTC or WETH users can include collateral for stablecoins, lending on decentralized exchanges (DEXs), payments and flexible smart contracts within the TRON ecosystem.
BitGo CEO Mike Belshe says the 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."
"Since launching WBTC in 2019, BitGo has seen tremendous growth on Ethereum coupled with the remarkable rise of DeFi activity," Belshe added.
Previously in August 2020, BitGo was planning to launch its own version of the Ethereum for Wrapped Bitcoin (WBTC).
According to BitGo CTO Ben Chan, BitGo was trying to contact community partners to develop an Ethereum sidechain due to sky-high rate of fees allegedly triggered by Tether (USDT).
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