CandleFocus Justin Sun Might Be Good for Wrapped Bitcoin, Says New Custodian's Director
2024-10-23
Author: Content Editor
In an interview, Robert Liu, a member of the board of BitGlobal, defended Tron founder Justin Sun's role as an advisor to the project and addressed concerns about his involvement in the custody operations related to wrapped bitcoin (WBTC). Liu clarified that Sun's role is limited to serving as a strategic advisor and facilitating the initial contact with BitGo. He also emphasized that Sun has no management role within BitGlobal and does not possess the keys to the WBTC project. Liu highlighted Sun's success with the Tron blockchain and its trusted status among stablecoin holders as evidence of his credibility. BitGlobal, along with two other entities, now holds the keys overseeing the bitcoin held in custody for WBTC. The interview also addressed the restructuring of custody arrangements and discussed the business potential of WBTC, with plans to increase the outstanding amount to attract institutional investors and expand its market cap. Additionally, the interview mentioned the competitive advantages of WBTC, such as its geographically diversified custodial setup and balance between decentralization and centralization.
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