In January 2019, leading in the field of bitcoin security company and provider of the popular cryptocurrency wallet BitGo, in partnership with the developers of the platform Kyber Republic Protocol Network and will launch fully secured bitcoin token Wrapping Bitcoin (WBTC) on the Ethereum blockchain.
Today, in partnership with @KyberNetwork, @republicorg, and our community of launch partners, we’re introducing Bitcoin Wrapped, the first ERC20 token backed 1:1 with #BTC — with full proof of reserve. CTO @bencxr explains: https://t.co/dlpQAzigQq #wbtc $wbtc #wrappedbitcoin pic.twitter.com/bgqxrFJ7Eh
— BitGo (@BitGo) October 26, 2018
The initiative has also supported projects MakerDAO, Dharma, Airswap, Gnosis, IDEX, Radar Relay, Compound, DDEX, Hydro Protocol, Set Protocol and Prycto.
At BitGo, which will act as the custodian of the bitcoin reserves, emphasize that WBTC will combine the stability of bitcoin and Ethereum flexibility, borrowing the best characteristics of these cryptocurrencies. So, bitcoin in WBTC can be used for decentralised applications.
Earlier, BitGo has received a license to provide custodian services, and then in the startup invested banking giant Goldman Sachs.