BitGo’s August 9 announcement that it was partnering with Justin Solar and BitGlobal for wrapped bitcoin (WBTC) has stoked controversy throughout the ecosystem and drawn better consideration to Solar’s different initiatives.
Following the announcement, MakerDAO determined to disable new borrows in opposition to WBTC and Coinbase introduced its personal wrapped bitcoin product, cbBTC — a transfer that has drawn the ire of Solar.
He has accused cbBTC of working with out proof-of-reserves or audits, going so far as to assert that exchanges that haven’t but accomplished a proof-of-reserves are “unable to meet the requirements.”
Sadly for him, Poloniex, an trade owned by Solar that operates a wrapped bitcoin product far bigger than cbBTC, doesn’t have a proof-of-reserves both.
HTX, a Solar-advised trade, depends extensively on this product, making up greater than half of the ‘bitcoin’ this trade holds.
Learn extra: Justin Solar reveals Poloniex points forestall proof of reserves
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