In line with a recent official web blog post, the announcement reads that Wrapped Bitcoin [BTC]willoffer itsusers with a “widediversity ofnewdecentraliseduse casestogether withondecentralisedexchanges [DEXs], as collateral for stable coins orlending, for paymentsand versatilesmartcontractsinthe Ethereum [ETH]phase.”
Majordecentralisedprojects along with Kyber Network, Gnosis, MakerDAO,and several othercanpower the launch of the new ERC-20 coin’sprimarilymajor use cases inJan2019,in line withthe announcement.
Describing thefuturecoin as a “transformational community effort,” BitGo claimed that the new tokenwould bring the “stability and value” of major cryptocurrency Bitcointo createcryptocurrencies applicable for businesses on the Ethereum [ETH] blockchain.
BitGoaddedthatthe firmintroduced the new digitalassetwith “full proof of reserve” following “significant institutional interest” in tokenization of assets like securities, commodities along with real estate sector.
As per the announcement,eachBitcoin [BTC]would beaccounted for on a dashboard displaying addresses and balances, and userswould be able toverifyeveryBitcoinheldin custody on blockchain,thatis offeredfor monitoring via Etherscan.
Even earlier in earlySep., BitGoacquireda statefinancial firmcharter inSouth Dakotato becomea licensed cryptocurator. As acurator, BitGowould besubjected torestrictiveoversight in compliance with KYC [Know Your Client] and AML [Anti Money Laundering] policies.