Bitgo is pleased to announce the official launch of WBTC on Kava.
Since 2018, Wrapped Bitcoin (WBTC) has created additional liquidity “for decentralized exchanges and enhanced all decentralized applications (dApps) with BitGo Trust Company as the designated custodian.”
As a result, use cases, driven by the diverse blockchain community, have “reached beyond initial expectations, such as decentralized lending, collateralization, and insurance.”
WBTC standardizes Bitcoin (BTC) to the ERC-20 format, so dApps can “leverage BTC for decentralized lending, margin trading, and derivative markets on the Ethereum network.”
It provides a means for BTC holders to “access the growing range of decentralized financial services available on Ethereum. With that, BitGo is pleased to announce that WBTC is expanding to Kava.”
This integration extends WBTC’s reach to the Cosmos ecosystem “with Kava, showcasing both BitGo and Kava’s commitment to innovation and adaptability.”
Kava is a secure layer-1 blockchain that “combines the developer power of Ethereum with the speed and interoperability of Cosmos in a single, scalable network. Committed to fostering innovation and growth, Kava is a trusted choice for developers and users worldwide.”
Kava enables interoperability between different blockchain networks and “sitting at the intersection of the two largest ecosystems, Ethereum and Cosmos, Kava is focused on native liquidity of the world’s largest assets to provide safe and efficient use cases for its ecosystem.”
The integration of WBTC, issued and deployed by BitGo on the Kava Chain, “highlights Kava’s unique position in the market as being an asset hub connecting Ethereum and Cosmos users in a secure way creating efficient crypto services, unlocking deep liquidity on Cosmos and Kava EVM.”
Native WBTC on Kava will be “integrated into most of the major providers, including Stargate, Axelar, and more, providing liquidity between Ethereum, Kava, and the Cosmos ecosystem in a secure and efficient way.”
BitGo’s track record of robust security protocols “helps ensure the secure custody of BTC supporting WBTC.”
This augments the token’s appeal “to prospective investors and traders who prioritize security considerations. This collaboration heralds an unparalleled degree of transparency through the implementation of a proof-of-reserve mechanism.”
Additionally, this functionality facilitates public validation, “ensuring that each WBTC token maintains a 1:1 backing with an authentic BTC asset. Consequently, this initiative fortifies trust and integrity across the ecosystem as recently seen with Base and Osmosis.”
As covered, BitGo, founded in 2013, is “a provider of secure digital asset wallet solutions, offering institutional-grade custody, staking, trading, and core wallet infrastructure. Notably, it pioneered the multi-signature wallet and launched BitGo Trust Company in 2018, the first qualified custodian for digital assets.”
With a $250 million insurance policy, SOC 1 Type 2 and SOC 2 Type 2 certifications, and rigorous regulatory compliance, BitGo says it “ensures high standards of security and confidentiality.”
Expanding its services, BitGo has reportedly “introduced institutional-grade DeFi, NFT, web3 offerings, and the Go Network.”
In 2023, it reported that it “secured $100M Series C financing, valuing the company at $1.75B. BitGo supports 700+ digital assets, processes 20% of on-chain Bitcoin transactions, and serves over 1,500 institutional clients across 50 countries.”