BitGo launches “Wrapped Bitcoin” as it eyes new tokenization opportunities30

BitGo celebrated the launch of a new crypto hybrid this week, Wrapped Bitcoin — and it could point to a new opportunity for the firm known for its sleepy custody business.

To put it simply, Wrapped Bitcoin is a ethereum-based token that is backed one-to-one by a regular bitcoin. Similarly to how certain stable coins (which are tokens backed one-to-one by fiat currency) aim to offer the best of both crypto and fiat, Wrapped Bitcoin aims to function as a token that represents the value of bitcoin and offers the functionality of an ethereum token.

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