BitGo just launched wrapped BTC and wrapped ETH on Tron’s blockchain, expanding to its second blockchain as of late so let’s find out more in today’s TRON news.
BitGo clients are not minting WBTC and WETH as TRC20 tokens on tRON according to the public order books. After the few mints executed by BitGo back in December, about 100 BTC were wrapped and minted as TRC20 WBTC tokens by Alameda Research and CoinList. Alameda minted 1 WETH on Tron Tuesday morning and the trading company mints were already made to meet the over-the-counter client demand and test the new product as Ryan Salame of Alameda research noted.
BitGo announced a new partnership with Tron back in September plans on bringing WBTC and WETH to Justin Sun founded network and now the project is fully operational. Sun said in a statement:
“Our blossoming alliance with BitGo has finally brought cross-chain solutions like WBTC and WETH to fruition.”
The supply of the ERC-20 WBTC the original tokenized BTC project saw a parabolic growth over the second half of the 2020 peaking at over 124,000 BTC wrapped on ETH back in November. As the decentralized finance sector cooled off, the supply of ERC20 WBTC dipped to the current levels of nearly 110,000 tokens. Back in September, the total value of all ETH-based tokenized BTC project hast just surpassed $1 billion for the first time. as BitGo just launched two wrapped products, the platform alone has tokenized $3.8 billion worth of BTC on the ETH and Tron blockchains.
BitGo settled with the US Treasury over the sanction violation accusations in areas where the platform facilitated users with transacting crypto using its crypto wallet services from 2015 to 2019. BitGo settled with the US treasury for the sanction violations and as an institutional crypto custodian service and wallet operator, it reportedly didn’t do due diligence to block the wallet users based in Cuba, Iran, Syria, Sudan, and Crimea, according to the Treasury’s Office of Foreign Asset Controls. The Treasury wrote that there were 183 apparent violations of the sanctions programs adding up to over 9000 transactions. US regulators are upping their expectations for companies that are handling virtual currencies to know who their customers are.
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