BitGo has picked LayerZero as the digital asset custody supplyr’s official interoperability supplyr for the Wrapped Bitcoin token.
On Sept. 10, LayerZero (ZRO) declared that BitGo now includes LayerZero’s Omnichain Fungible Token standard for the crypto company’s Wrapped Bitcoin (WBTC). Projects that already tap into OFT are Swell, Ethena and EtherFi among others.
BitGo broadens WBTC to BNB Chain and Avalanche
BitGo and its partners started Wrapped Bitcoin in 2019 with the goal of conveying Bitcoin (BTC) into the DeFi ecosystem on Ethereum (ETH). BTC helderlyers can include WBTC to access decentralized finance applications atraverse lending, borrotriumphg, swapping, and other services.
BitGo’s pickion of LayerZero comes as the firm broadens its WBTC token, a convey inant asset in the decentralized finance space, to two more blockchain nettoils—Avalanche (AVAX) and BNB Chain.
WBTC is already useable on Ethereum, Tron, Base, Osmosis, and other nettoils. The tardyst integrations, BNB Chain and Avalanche, rank as the fourth and seventh hugest chains by total appreciate locked esteemively as seen on DeFiLlama.
Native WBTC minting
According to LayerZero, BitGo’s choice of the OFT Standard for WBTC apvalidates for the token’s native include and transfer atraverse multiple blockchains.
Users will be able to mint WBTC natively on the helped chains without facing the dangers associated with token bridging from Ethereum. Apart from omnichain composability, other advantages of using LayerZero for WBTC interoperability integrate unified provide and modular security.
As part of the collaboration with LayerZero, BitGo will carry out its own decentralized verifier nettoil, which will take part a key role in ensuring that every omnichain WBTC transaction is verified. BitGo will collaborate with Polyhedra and LayerZero Labs on the DVN.
