Share this article
BitGo Launches Wrapped Bitcoin, Ether on Tron Blockchain
Nearly 100 DeFi-friendly WBTC have already been minted as TRC-20 tokens on Tron.
By Zack Voell
Updated Sep 14, 2021, 10:52 a.m. Published Jan 6, 2021, 12:59 a.m.
Make us preferred on Google
BitGo's Ethereum-based tokenized bitcoin project, Wrapped Bitcoin (WBTC), has expanded to its second blockchain, Tron. The crypto custodian has also launched Wrapped Ether (WETH) on Tron as well.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- BitGo clients are already minting WBTC and WETH as TRC-20 tokens on Tron, according to the company's public orderbooks.
- After a few test mints executed by BitGo in mid-December, nearly 100 BTC (roughly $3.4 million at current prices) have been wrapped and minted as TRC-20 WBTC tokens by Alameda Research and CoinList.
- Alameda also minted 1 WETH on Tron Tuesday morning. The trading firm's TRC-20 WBTC and WETH mints were made to meet over-the-counter (OTC) client demand and test the new product, Alameda's Ryan Salame told CoinDesk.
- BitGo announced a partnership with Tron in September with plans to bring WBTC and WETH to the Justin Sun-founded network, per CoinDesk's prior reporting. Now the project is fully operational.
- "Our blossoming alliance with BitGo has finally brought cross-chain solutions like WBTC and WETH to fruition," Sun said in a statement.
See also: BitGo Is Bringing DeFi-Friendly Wrapped Bitcoin to the Tron Blockchain
- The supply of ERC-20 WBTC, BitGo's original tokenized bitcoin project, saw nearly parabolic growth through the second half of 2020, peaking at over 124,000 BTC wrapped on Ethereum in late November. As the decentralized finance (DeFi) sector has cooled off, however, the supply of ERC-20 WBTC has dipped to its current level of nearly 110,000 tokens.
- In September, the total value of all Ethereum-based tokenized bitcoin projects passed $1 billion for the first time.
- At current prices, BitGo alone has tokenized $3.8 billion worth of bitcoin on the Ethereum and Tron blockchains.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Number of wallets with 1 million XRP is rising again
On-chain data points to underlying demand for XRP as ETFs pull in over $90 million.
What to know:
- XRP has fallen about 4 percent so far this month, even as on-chain data point to strengthening underlying investor interest.
- U.S.-listed spot XRP ETFs have attracted a net $91.72 million in inflows this month, bucking the trend of sustained outflows from bitcoin ETFs.
Top Stories
