This article was first published on Stories by TRON Foundation on Medium
BitGo Successfully Launches Wrapped Bitcoin and ETH on TRON Blockchain, Accelerating Unlimited Potential of DeFi
TRON, one of the largest and most popular blockchain-based operating systems in the world, together with BitGo, the leader in digital asset financial services, have successfully launched Wrapped Bitcoin (WBTC) and the newly minted Wrapped Ether (WETH) on the TRON blockchain as TRC20 tokens.
Wrapped Bitcoin (WBTC) is pegged to Bitcoin and has over $3B worth of Bitcoin in custody, while Wrapped Ether (WETH) is pegged to Ether. BitGo is the sole custodian for the underlying BTC and ETH. This launch allows participating merchants to tokenize their assets by minting Wrapped Bitcoin and Wrapped Ether. Users of Wrapped Bitcoin and Wrapped Ether will be able to utilize their BTC and ETH in a wide variety of decentralized applications in the TRON ecosystem which include trading on decentralized exchanges (DEXs), collateralized loan markets, payment systems, and more.
“This is the beginning of a new era wherein TRON’s growing community may finally enjoy the unlimited potential of DeFi,” said Justin Sun, Founder of TRON and CEO of BitTorrent. “Our blossoming alliance with BitGo has finally brought cross-chain solutions like WBTC and WETH to fruition. With this partnership, JustLink, JustSwap, and TRON’s growing suite of DeFi services, we will continue to cultivate an ecosystem for our users to access their favorite cryptocurrencies with innovative financial mechanisms and high liquidity. We dreamt of providing our users with the benefits of BTC/ETH without the high gas fees and today it is a reality.”
“As the custodian for wrapped tokens, BitGo is leading DeFi growth and promoting liquidity across blockchains,” said Chen Fang, Chief Product Officer. “We are proud to contribute to the growth of this ecosystem with unique and unexplored use cases for wrapped assets by bringing WBTC and WETH to TRON....
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