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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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.