BitGo Will Use Chainlink’s Proof of Reserve to Boost Auditability of Wrapped Bitcoin

BitGo Will Use Chainlink’s Proof of Reserve to Boost Auditability of Wrapped Bitcoin

By Abhimanyu Krishnan | News | 2 Oct 2020


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

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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