Sky Reassures Community on Wrapped Bitcoin Custody Following BitGo Discussion

Sky Addresses Concerns Regarding WBTC Custody

Following recent discussions with BitGo CEO, Mike Belshe, Sky, the influential DeFi lender formerly known as MakerDAO, has announced that their concerns regarding the custody of bitcoin backing the WBTC token have been adequately addressed.

These concerns stemmed from the involvement of Justin Sun, founder of Tron, in the custody process. Sky’s assurance comes after a productive dialogue with BitGo, who are responsible for the secure custody of WBTC reserves.

The details of the conversation and the specific reassurances provided by BitGo have not been publicly disclosed. However, Sky’s statement suggests that the concerns regarding potential risks associated with Sun’s involvement have been sufficiently mitigated.

This development is likely to be welcomed by the DeFi community, as it strengthens confidence in the security and reliability of WBTC, a widely used stablecoin pegged to the price of bitcoin.