Overview of the Latest Cryptocurrency Developments:
BitGo introduces Token Management platform to revolutionize token custody, distribution, and liquidation for protocols like Worldcoin (WLD), Sui (SUI), and LayerZero (ZRO). The platform offers an automated process for streamlined digital asset management, including token vesting, liquidity management, and staking activities.
21Shares Partnership with BitGo for ETFs Custody:
21Shares selects BitGo as the custodian for its U.S. Spot ETFs, including ARK Bitcoin ETF and Core Ethereum (ETH) ETF. These ETFs were launched in 2024 after approval from the U.S. Securities and Exchange Commission for trading Bitcoin and Ethereum ETFs. BitGo also provides custody services for Hashdex and Valkyrie crypto ETFs.
BitGo’s Role in WBTC Custody and Launch of Competing Tokens:
BitGo serves as the custodian for Wrapped Bitcoin (WBTC), a BTC-pegged token enabling BTC holders to participate in DeFi. Recent controversies surrounding WBTC led to diversification of custody with BIT Global, associated with Tron (TXR) founder Justin Sun. 21Shares introduces its own wrapped Bitcoin named 21BTC amidst the ongoing developments in the market.
