Tron, the blockchain launched in 2017 by former Ripple enthusiast Justin Sun, has entered into a strategic alliance with BitGo custodians.
The partnership will bring BitGo’s Wrapped Bitcoin (WBTC) into the Tron ecosystem as a TRC-20 token. (The token is backed up roughly 1: 1 by bitcoins deposited by users at BitGo Trust, a qualified custodian in the United States)
The introduction of WBTC – plus a newly created wrapped ether token from BitGo – aims to help fuel the nascent decentralized finance (DeFi) ecosystem on Tron. WBTC has been a key driver of DeFi’s growth on Ethereum. (Note: BitGo has nothing to do with the existing Wrapped Ether Token (WETH) widely used in Ethereum DeFi applications.)
“Anyone can now use their BTC / ETH to enjoy all the benefits of the Tron DeFi ecosystem without the high gas fees on Ethereum,” Sun said in a statement.
Sun also pointed to a Uniswap-like service on Tron called JustSwap, which it says has reached $ 100 million in 24-hour volume since launching about a month ago.
BitGo CEO Mike Belshe said WBTC has seen tremendous growth in concert with the DeFi boom.
“Our new strategic alliance with Tron creates even greater opportunities for users to expand to other chains and tokenize their BTC on the Tron dApp ecosystem while transacting at lower cost and faster. fast, ”Belshe said in a statement.