CandleFocus Threshold Network proposes bold plan to further decentralize WBTC
2024-10-10
Author: Content Editor
Threshold Network has proposed further decentralizing BitGo's Wrapped Bitcoin (WBTC) by expanding the number of signers involved in managing the asset. This follows Threshold Network's earlier offer to acquire WBTC and transition it from centralized custody to a decentralized model. WBTC's custody recently shifted to a structure in three countries, and it now requires two signatures to approve transactions or transfer funds. However, WBTC has faced challenges due to its association with BitGo's joint venture partner BitGlobal, tied to Tron founder Justin Sun. The proposal aims to gradually increase the number of signers through the Threshold network while maintaining the current market structure, leading to a decentralized custody system for WBTC.
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