CHART: The growth of WBTC competitors
In early August, a little over two months ago, BitGo announced that it was entering a new joint venture with Justin Sun and BiT Global, a Hong Kong-based custodian, to manage custody for Wrapped Bitcoin (WBTC). Sun’s involvement was controversial, leading some DeFi projects to briefly consider whether WBTC would remain safe going forward. The most high-profile of these, MakerDAO, did eventually decide it was still safe to include WBTC. This period of time even included a less than fully viable proposal for competitor Threshold Network to acquire WBTC. Additionally, both Coinbase and Kraken have launched competitors to WBTC following BitGo’s announcement. Coinbase Wrapped Bitcoin has seen the most rapid growth among WBTC’s competitors. Read more: How involved is Justin Sun with WBTC’s new custodian BiT Global? Since then, Coinbase’s version, Coinbase Wrapped Bitcoin (cbBTC), has seen the most rapid growth among the four charted competito...