According to the official BitGo blog, BitGo and BiT Global are creating a joint venture to diversify WBTC's custody and cold storage businesses across multiple jurisdictions, and BitGo will become a minority shareholder in the new joint venture. The custody change will be seamless and transparent to the WBTC community, with a transition period of 60 days. The new solution will use the same BitGo multi-signature technology and cold storage technology that has been used to protect Bitcoin since 2019.
It is reported that BiT Global is a regulated trust and company service provider (TCSP) headquartered in Hong Kong, which has a strategic partnership with Justin Sun and the Tron ecosystem.