Threshold Network has proposed further decentralizing BitGo’s Wrapped Bitcoin (WBTC) amid its recent challenges in the DeFi market.
On Oct. 9, Matt Luongo, founder of the Bitcoin-focused venture studio Thesis, outlined the goal of expanding the number of signers involved in managing the WBTC asset using the Threshold Network.
This proposal follows Threshold Network’s earlier offer to acquire WBTC. At the time, the platform proposed a deal valued at $36.4 million in T tokens to facilitate the transition of WBTC from centralized custody to Threshold’s decentralized model.
WBTC’s custody model
On Oct. 8, WBTC’s custody shifted to a structure spread across three countries, including the United States, Singapore, and Hong Kong.
BitGo initially served as the sole custodian of the Bitcoin backing WBTC. However, it recently formed a joint venture with BitGlobal to manage the asset.
This new custody arrangement employs a multi-signature system, requiring two signatures to approve tran
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