TRON and BitGo Release Wrapped BTC, ETH

TRON and BitGo Release Wrapped BTC, ETH
ôîòî ïîêàçàíî ñ : zycrypto.com

2021-1-7 16:35

Two of the biggest names in the cryptosphere have joined forces. As per a press release, financial services firm BitGo has partnered with blockchain-based operating system TRON to launch two new assets on the latter’s network.

The newly minted TRC20 assets – Wrapped Bitcoin (WBTC) and Wrapped Ether (WETH) – allow users to leverage the world’s best-performing cryptocurrencies on the TRON network. The BitGo Trust will act as the sole custodian for the underlying BTC and ETH, while TRON will facilitate use-cases for the assets in its extensive ecosystem. 

For the first time, WBTC and WETH can now be used for trading, saving, staking and borrowing on TRON, as well as put to use in other defi services native to the network.

“This is the beginning of a new era, wherein TRON’s growing community may finally enjoy the unlimited potential of DeFi,” said TRON boss Justin Sun. “Our blossoming alliance with BitGo has finally brought cross-chain solutions like WBTC and WETH to fruition. We dreamt of providing our users with the benefits of BTC/ETH without the high gas fees, and today it is a reality.”

“As the custodian for wrapped tokens, BitGo is leading DeFi growth and generating liquidity across blockchains,” added Chen Fang, the company’s Chief Product Officer. “We are witnessing the growth of this ecosystem with unique and unexplored use cases for wrapped assets by bringing WBTC and WETH to TRON.”

The Fast Rise of Wrapped Assets

Initially launched as ERC20 assets, Wrapped Bitcoin and Wrapped Ethereum are relatively recent innovations that enable users to utilize the world’s most trusted digital assets on different networks. Before their conception, it was impossible to use bitcoin to interact with Ethereum-based defi products. Instead, the bitcoin would have to be sold in exchange for an ERC20 token like Ethereum or Tether (USDT), or fresh capital injected. Before TRON teamed up with BitGo, meanwhile, the former’s defi services could only be accessed using its own TRC20 standard. 

In recent years, numerous defi protocols have thrown their support behind wrapped assets, which users can employ as collateral to obtain cryptocurrency loans typically paid out in stablecoins. The advent of wrapped assets brings greater liquidity to the cryptocurrency market and allows for trades to be executed more quickly, in the case of WETH. The increasing utility of WBTC in particular has been notable, with DeFi Pulse data indicating that the total value locked rose by 943% from mid-May to mid-August, 2020.

TRON’s decision to mint WBTC and WETH is part of the blockchain’s broader ambition to challenge Ethereum for defi supremacy. In 2020, the network launched its own versions of popular Ethereum-based primitives such as JustSwap, a naked reference to Ethereum’s AMM Uniswap. TRON also launched its own version of stablecoin system MakerDAO, simply called JustStable. 

The addition of Wrapped Bitcoin and Wrapped Ethereum will be a major boon for the network, as it looks to play its part in the expanding defi ecosystem in 2021.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

TRON (TRX) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $0 - H: $0.1171
Êàïèòàëèçàöèÿ $0 Rank 99999
Öåíà â ÷àñ íîâîñòè $ 0.0311869 (-100%)

two release tron bitgo blockchain-based operating partnered

two release → Ðåçóëüòàòîâ: 126


Ôîòî:

Antier Solutions Expands Its Offerings With Crypto Friendly Banking Solutions Development

PRESS RELEASE. Antier Solutions, a blockchain development company headquartered in Mohali, India – with two global units in North America and the UK – has expanded its services to offer crypto-friendly bank development solutions targeting start-ups, banks, and financial institutions seeking opportunities to launch their crypto-friendly banks.

2020-12-16 06:00


Ôîòî:

Atari and Enjin Partner in a Milestone Move for Blockchain Gaming

In what has been described as a milestone for blockchain gaming, two gaming giants, Atari and Enjin, are partnering as per a press release on Dec 10.   Enjin and Atari Partnership: Details Resulting from their collaboration is the integration of Atari’s IPs and licenses into sports video games that run on the community-powered gaming developmentRead MoreRead More.

2020-12-10 17:28


Ôîòî:

IOTA Partners With Pantos for European Blockchain R&D Lab

IOTA in collaboration with Pantos is looking to promote blockchain and DLT interoperability under the aegis of a new research laboratory dedicated to the two emerging technologies. IOTA Supporting Blockchain and IoT Development In a press release published on November 26, 2020, Bitpanda-backed project Pantos and IOTA, in conjunction with Austria’s Federal Ministry for DigitalRead MoreRead More.

2020-11-27 21:30


Ôîòî:

Crypto.com Announces Turkish Language App and Exchange

November 5, 2020 —  Crypto. com has announced the release of a Turkish language version of its popular App and Exchange. Following the release of seven local languages in the last two months,  including Spanish, French, Korean, Italian, Portuguese, Traditional and Simplified Chinese, this release expands the platform’s reach to 75 million Turkish speakers who canRead MoreRead More.

2020-11-6 17:02


Ôîòî:

Sapien Launches Blockchain-based Social Network Mobile Apps for Android and iOS

Sapien Network is now among the first blockchain-based social networks to launch native mobile applications for Android and iOS devices. Sapien has also released two new features, a referral contest, and partnered with blockchain companies Biconomy & 1World Online in bid to become a decentralized network, according to a press release on May 31, 2020. […]

2020-6-3 17:16


Ôîòî:

Crypto Exchanges to Face Stricter AML Laws in the Netherlands

Dutch authorities have told crypto exchanges to be ready to comply with tougher anti-money laundering (AML) laws or face mandatory shutdowns. DNB Gives Crypto Exchanges Two Weeks Ultimatum In a press release published by the Netherlands’ central bank, De Nederlandsche Bank (DNB), on Monday (May 4, 2020), crypto exchanges operating in the country were givenRead MoreRead More.

2020-5-7 23:00


Bitcoin smart contract platforms RSK and RIF get new AML solutions from Coinfirm

Tech regulatory company Coinfirm has announced that it will begin providing RSK and RIF protocols with an anti-money laundering compliance solution. According to a press release shared with CryptoSlate, the company partnered with IOV Labs to deliver the solutions that will enable traditional financial institutions to engage with the two Bitcoin second-layer solutions.

2020-3-20 13:00


Ôîòî:

BitGo Launches Enterprise-Grade Bitcoin Custody in Switzerland and Germany 

BitGo, a California-based digital assets financial services firm is expanding its global presence by launching two new cryptocurrency custodial platforms in Switzerland and Germany.   The new custodial companies are aimed at providing BitGo customers with more jurisdictions to choose from, depending on which is most suited for their business, according to a press release onRead MoreRead More.

2020-2-11 00:00


Power Ledger Partners With India’s Largest State To Introduce P2P Solar Energy Trading

Uttar Pradesh is poised to become the inaugural Indian state to introduce blockchain-based solar energy trading. This is after Australian startup, Power Ledger inked a deal with two major government-owned companies for a pilot project that will involve blockchain-based solar energy trading, Cointelegraph reports.

2019-11-30 22:40


DOJ, FBI, IRS Joint Task Force Arrest Twenty Year Olds For SIM Swapping, Stealing $550,000 In Crypto

SIM swapping is a method of infiltrating someone’s phone, presently being used in the crypto industry by hackers that want to steal cryptocurrency and take over social media accounts. The method has been used by multiple hackers, but a press release reveals that the FBI has already arrested two residents in Massachusetts for their own […]

2019-11-15 09:03


Algorand (ALGO) Obtains Sharia-Compliant Status, Welcoming Islamic Institutions On-Board

Broadly speaking, the Western world and the Islamic world are two very different worlds indeed. To operate in the Islamic financial market, companies need to gain a Sharia certification. The Algorand Foundation, a proof-of-stake blockchain, has recently announced that it had achieved just that during a press release on the 21st of October. Algorand was […]

2019-10-22 17:41


Ôîòî:

Ethereum Hard Fork Is Coming — Here’s What You Need to Know About ‘Istanbul’

Istanbul, the long-awaited Ethereum hard fork, is set to release sometime later this year, bringing changes regarding scalability, mining, and accessibility. As the number two cryptocurrency in terms of market cap, and one of the largest platforms for decentralized application (dApp) development, the network could really use an upgrade.

2019-10-9 11:15