CandleFocus LayerZero Selected as WBTC Interoperability Provider for BitGo
2024-09-11
Author: Content Editor
LayerZero has been chosen as the interoperability provider for BitGo's Wrapped Bitcoin (WBTC), allowing the expansion of cross-chain capabilities. This selection demonstrates LayerZero's growing influence in the blockchain space and has resulted in a positive movement for its native token ZRO. BitGo will utilize LayerZero's Omnichain Fungible Token (OFT) standard to enable the smooth and cost-effective transfer of WBTC across Avalanche and BNB Chain. The adoption of the OFT standard mitigates traditional cross-chain risks. Despite initial bearish pressure, ZRO's price chart showed a bullish breakout following the announcement, reaching a high of $3.63 before a slight retreat.
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