BitGo entered a joint venture with Justin Sun and BiT Global to manage custody for Wrapped Bitcoin (WBTC). Sun's involvement caused concern among some DeFi projects, but MakerDAO decided it was safe to include WBTC. Coinbase and Kraken launched competitors to WBTC, but Coinbase Wrapped Bitcoin (cbBTC) has seen the most rapid growth. Burn requests for WBTC have slowed, but its market capitalization has grown more substantially due to the appreciation in bitcoin's price. BitGo announced that it will retain control of two out of three keys, with one key controlled by BiT Global.



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