BitGo Moves $7.7B WBTC Infrastructure to Chainlink in Major Cross-Chain Security Upgrade
TL;DR:
- Infrastructure transfer: BitGo designated Chainlink CCIP as the exclusive cross-chain provider for WBTC, backed by $7.7 billion in value.
- Technical substitution: Chainlink formally replaces LayerZero as the default architecture for the wrapped token and future digital assets issued by BitGo.
- Network metrics: Chainlink’s infrastructure secures over $110 billion in DeFi applications and has processed a cumulative value exceeding $32 trillion.
Custody firm BitGo WBTC Chainlink announced the migration of its cross-chain infrastructure to the CCIP interoperability protocol this Tuesday. The move encompasses the management of $7.7 billion in Wrapped Bitcoin (WBTC) and integrates this technology by default for all future asset issuances by the firm.
Institutional Security Structuring and Interoperability
Wrapped Bitcoin (WBTC) operates as a 1:1 representation of Bitcoin on alternative blockchain networks such as Ethereum, enabling liquidity in decentralized finance (DeFi). Cross-chain transfers require digital bridges that have historically represented operational vulnerability points against cyberattacks.
… Continue reading the full article at the original source below.
This content is automatically aggregated. Full credit goes to the original publisher (crypto-economy.com).
