Crypto News
Bitgo Shifts WBTC Infrastructure to Chainlink in Security Push
Crypto infrastructure firm Bitgo is replacing Layerzero with Chainlink as the exclusive cross-chain infrastructure provider for WBTC.
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Wrapped Bitcoin (WBTC) is a tokenized version of Bitcoin (BTC) that operates on the Ethereum blockchain, enabling users to access the Ethereum ecosystem and participate in decentralized finance (DeFi) applications. Created by the Wrapped Tokens project, WBTC is an ERC-20 token that represents a 1:1 ratio with Bitcoin, allowing users to utilize Bitcoin in the Ethereum ecosystem while maintaining the value and scarcity of Bitcoin. By bridging the gap between the Bitcoin and Ethereum networks, WBTC expands the utility of Bitcoin, providing users with more opportunities to earn yields, participate in lending protocols, and access decentralized exchanges. With its secure and reliable wrapping process, WBTC has become a popular choice for users seeking to access the DeFi space while still maintaining the value and security of Bitcoin. As a tokenized asset, WBTC is traded on various cryptocurrency exchanges and is recognized as a leading DeFi token, offering users a unique way to interact with the Ethereum ecosystem while leveraging the value and security of Bitcoin.
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