Tron links up with BitGo to bring Wrapped BTC, ETH to blockchain network

Tron is teaming up with crypto services provider BitGo to create two new tokens, which will be newly-minted Wrapped Ether and Wrapped Bitcoin (WBTC).

WBTC is essentially a synthetic representation of Bitcoin, backed by custodied holdings of that cryptocurrency. WBTC on Tron will come in the form of a TRC20 token that’s backed 1-to-1 on BitGo.

WBTC was the first token that made Bitcoin compatible with the Ethereum blockchain, a WBTC architect told Bitcoin Magazine. There is about $820 million worth of WBTC on Ethereum currently.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

As previously reported by The Block, demand for WBTC began to soar in earnest in the spring, partially driven by demand for it in the context of decentralized financed use cases.

“We are excited to expand Tron’s DeFi potential by partnering with the industry leader BitGo to bring integral cross-chain solutions such as ​Wrapped Bitcoin (WBTC) and Wrapped Ether​ to Tron,” Justin Sun, Tron’s founder, said in a statement.


About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.