In line with a recent official web blog post, the announcement reads that Wrapped Bitcoin [BTC] will offer its users with a “wide diversity of new decentralised use cases together with on decentralised exchanges [DEXs], as collateral for stable coins or lending, for payments and versatile smart contracts in the Ethereum [ETH] phase.”
Major decentralised projects along with Kyber Network, Gnosis, MakerDAO, and several other can power the launch of the new ERC-20 coin’s primarily major use cases in Jan 2019, in line with the announcement.
Describing the future coin as a “transformational community effort,” BitGo claimed that the new token would bring the “stability and value” of major cryptocurrency Bitcoin to create cryptocurrencies applicable for businesses on the Ethereum [ETH] blockchain.
BitGo added that the firm introduced the new digital asset with “full proof of reserve” following “significant institutional interest” in tokenization of assets like securities, commodities along with real estate sector.
As per the announcement, each Bitcoin [BTC] would be accounted for on a dashboard displaying addresses and balances, and users would be able to verify every Bitcoin held in custody on blockchain, that is offered for monitoring via Etherscan.
Even earlier in early Sep., BitGo acquired a state financial firm charter in South Dakota to become a licensed crypto curator. As a curator, BitGo would be subjected to restrictive oversight in compliance with KYC [Know Your Client] and AML [Anti Money Laundering] policies.