Institutional platform BitGo will use decentralized oracle provider Chainlink's (LINK) proof-of-reserve solution to streamline the auditing of $1 billion in Wrapped Bitcoin (wBTC), according to an announcement published on October 1.
- BitGo and Chainlink have partnered to “streamline the auditability of WBTC reserves”; the solution is currently live on the testnet
- BitGo says that it will help dapps automate auditing of BTC value custodied by BitGo by removing manual processes like reading audit reports
- The dapps can request the proof-of-reserve contract to check if every WBTC is backed by BitGo’s address on the Bitcoin (BTC) network
- The oracle will update the reference contracts if the balance changes beyond a certain predefined threshold
- BitGo is an institutional digital assets trading and custody platform that provides various services to institutions