TechFlow news: Custodian BitGo announced a joint venture with Hong Kong-based BiT Global to take over the Wrapped Bitcoin (WBTC) operations, becoming a minority shareholder.
This strategic partnership also involves Justin Sun, founder of Tron. Maker DAO's risk team has proposed limiting WBTC as collateral.
BitGo CEO Mike Belshe emphasized the company's commitment to security and downplayed Sun's involvement. Sun stated his participation is purely strategic and does not grant him control over WBTC reserves. Belshe expressed willingness to assist with due diligence to address concerns. The ownership transition will include a 60-day transitional period.
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