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BITCOIN’S LAST DITCH EFFORT: Wrapped Bitcoin’s Desperate Cry for Help From BitGo and BiT Global!

A  Bitcoin character sits in front of multiple doors labeled Singapore, Hong Kong and USA, each door slightly open as if inviting or warning something to pass through. The character looks worried with a hand on its head.

Wrapped Bitcoin (WBTC) — essentially just a fancy name for ‘Bitcoin on steroids’ or more accurately, a tokenized version of BTC that’s basically just a Band-Aid on an open wound – has completed its latest attempt to rebrand itself as legitimate by partnering with BitGo and BiT Global. The new multi-jurisdiction custody arrangement is like the crypto equivalent of putting a ‘for sale by owner’ sign on your house, hoping someone will magically make all your problems go away.

Source: cointelegraph

Wrapped Bitcoin (WBTC) — a tokenized version of Bitcoin (BTC) that exists on the Ethereum network and is redeemable for BTC at a 1:1 ratio — has completed a shift to a geographically distributed custody structure. Control of the underlying Bitcoin will now be shared between Singapore, Hong Kong, and the United States in a partnership agreement between BitGo and BiT Global. The new custody structure uses a multisignature agreement, […]

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