Tron, the blockchain launched in 2017 by former Ripple devotee Justin Sun, has entered a strategic alliance with custody specialists BitGo.<\/p>\n
The partnership will bring BitGos wrapped bitcoin (WBTC) into the Tron ecosystem as a TRC-20 token. (The token is backed roughly 1:1 by bitcoin deposited by users at BitGo Trust, a qualified custodian in the U.S.)<\/p>\n
The introduction of WBTC plus a newly-created wrapped ether token from BitGo is meant to help fuel the incipient decentralized finance (DeFi) ecosystem on Tron. WBTC has been a key driver in the growth of DeFi on Ethereum. (Note: BitGo has nothing to do with the existing wrapped ether (WETH) token used widely in Ethereum DeFi applications.)<\/p>\n
Everyone may now use their BTC\/ETH to enjoy all the benefits of the Tron DeFi ecosystem without the high gas fees on Ethereum, Sun said in a statement.<\/p>\n
Sun also pointed to a service similar to Uniswap on Tron called JustSwap, which he said has achieved $100 million 24-hour volumes since it was launched about a month ago.<\/p>\n
BitGo CEO Mike Belshe said WBTC has seen tremendous growth in concert with DeFis boom.<\/p>\n
Our new strategic alliance with Tron creates even greater opportunities for users to expand to other chains and tokenize their BTC on the Tron dApp ecosystem while transacting at a lower cost and faster speed, Belshe said in a statement.<\/p>\n
<\/p>\n
More:<\/p>\n
BitGo Is Bringing DeFi-Friendly Wrapped Bitcoin to the Tron Blockchain - CoinDesk - Coindesk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Tron, the blockchain launched in 2017 by former Ripple devotee Justin Sun, has entered a strategic alliance with custody specialists BitGo. The partnership will bring BitGos wrapped bitcoin (WBTC) into the Tron ecosystem as a TRC-20 token. Continue reading