tldr; Threshold Network has proposed a plan to further decentralize Wrapped Bitcoin (WBTC) by expanding the number of signers managing the asset through its network. This follows a previous offer to acquire WBTC for $36.4 million in T tokens. Recently, WBTC’s custody shifted to a multi-signature system across the US, Singapore, and Hong Kong, moving away from BitGo’s sole custody. The proposal aims to enhance decentralization while maintaining the current market structure, ultimately creating a decentralized BTC-backed token.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
3 Comments
tldr; Threshold Network has proposed a plan to further decentralize Wrapped Bitcoin (WBTC) by expanding the number of signers managing the asset through its network. This follows a previous offer to acquire WBTC for $36.4 million in T tokens. Recently, WBTC’s custody shifted to a multi-signature system across the US, Singapore, and Hong Kong, moving away from BitGo’s sole custody. The proposal aims to enhance decentralization while maintaining the current market structure, ultimately creating a decentralized BTC-backed token.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Further?
That’s questionable at the first place.
I prefer my bitcoin free range