BitGo is currently undergoing a transition to improve the security of its Wrapped Bitcoin (WBTC) operations. The company is moving from storing WBTC only in the U.S. to setting up custody in multiple countries, including Hong Kong and Singapore.
According to a release on August 9, BitGo is beginning a 60-day process to spread its Bitcoin storage across these new locations. This change will make Bitcoin storage more secure by reducing the risk associated with having all the assets in one place.Â
Moreover, BitGo will continue to use its existing security measures, such as multi-signature technology and cold storage, but will now distribute the storage locations globally. This new setup is part of a partnership with BiT Global and is designed to be the first of its kind.
The transition is expected to be completed by October 8. BitGo CEO Mike Belshe also mentioned that Tron Network and its founder, Justin Sun, are involved in this project.
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