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Tron, the blockchain launched in 2017 by former Ripple devotee Justin Sun, has formed a strategic alliance with BitGo custody specialists.
The partnership will bring BitGo wrapped bitcoin (WBTC) into the Tron ecosystem as a TRC-20 token. (The token is backed roughly 1: 1 by bitcoins deposited by users with BitGo Trust, a qualified custodian in the United States)
The introduction of WBTC – in addition to a newly created wrapped ether token from BitGo – is intended to help power the decentralized finance (DeFi) container ecosystem on Tron. WBTC has been a key factor in the growth of DeFi on Ethereum. (Note: BitGo has nothing to do with the existing ether (WETH) token wrapping widely used in Ethereum DeFi applications.)
“Everyone can now use their BTC / ETH to enjoy all the benefits of the Tron DeFi ecosystem without the high gas tariffs on Ethereum,” Sun said in a statement.
Sun also pointed to a Uniswap-like service on Tron called JustSwap, which has reached volumes of $ 100 million per 24 hours since it launched about a month ago.
BitGo CEO Mike Belshe said WBTC has seen tremendous growth in concert with the boom in DeFi.
“Our new strategic alliance with Tron creates even greater opportunities for users to expand to other chains and tokenize their BTCs on Tron’s dApp ecosystem while transacting at a lower cost and faster speed,” Belshe said in a Note.
