BitGo will issue Wrapped Ether and Wrapped Bitcoin on Tron

by in Cryptocurrency News

Tron

The Tron Foundation has partnered with custodian company BitGo to issue two new tokens - Wrapped Ether and Wrapped Bitcoin (WBTC). WBTC is going to be represented as a TRC20 token pegged to BTC 1:1.

WBTC was the first token to make BTC cooperative with the Ethereum blockchain. There are currently $890M worth of WBTC issued on Ethereum. The request for WBTC has grown significantly due to the popularity of DeFi protocols.

“We're delighted to expand Tron's DeFi capabilities. By working with BitGo, a leading company in the industry, we can bring integrated cross-chain solutions to Tron such as WBTC and Wrapped Ether,” said Tron founder Justin Sun.

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Last month, BitGo announced plans to create a sidechain for WBTC due to the high charges on the network.