BitGo COO: All WBTC Burn Requests Fulfilled
According to Chen Fang, COO at BitGo, all Wrapped Bitcoin (WBTC) burn requests have been satisfied. Prior to this, the coin redemption experienced congestion.
Additionally, Chen Fang stated that BitGo is just the custodian and that all end-user minting and burning must pass through a WBTC network merchant before being traded at an exchange. Every single WBTC has a 1:1 backing that can be checked on chain.
On the Ethereum chain, Wrapped Bitcoin is a representation of Bitcoin. By lowering transaction cost obstacles and allowing Ethereum to benefit from the significant cash from the industry’s number-one currency, this coin packaging aids in the more streamlined growth of the DeFi market.
Many investors are worried about the WBTC split since the currency just lost its peg to BTC as a result of Alameda and DCG’s Genesis events.
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