TechFlow reported on September 3 that, according to Coindesk, during the Korea Blockchain Week event, BitGo CEO Mike Belshe responded in an interview regarding his company's collaboration with BiT Global, which is associated with Justin Sun. Belshe stated that critics lack a sense of "rational honesty."
Belshe pointed out that Threshold, one of the harshest critics, has openly stated that if it captured the entire market share of Wrapped Bitcoin (WBTC), the value of its token would increase 35-fold. He argued, "It's absurd to criticize our efforts toward decentralizing Wrapped Bitcoin solely to boost their own token value." Regarding Coinbase's planned cbBTC, Belshe said that if the DeFi community chooses a centralized entity like Coinbase as the ultimate custodian, then hope for DeFi would be lost. He emphasized that BitGo's key storage model is "far superior to any solution Coinbase could possibly design."
Belshe explained that the partnership with BiT Global aims to eliminate single points of failure and expand operations in Asia. He acknowledged that Justin Sun is a "controversial figure," but stressed the importance of transparency: "Most companies wouldn't even mention his name, but we did. Because transparency matters." Although the MakerDAO community initially reacted strongly, on-chain data shows no large-scale redemption of wBTC has occurred. Belshe stated that this collaboration isn't about 'why Sun,' but rather about finding qualified asset custodians.
