BitGo is switching Wrapped Bitcoin (WBTC) — an asset with a current $7.4 billion market cap — to Chainlink’s CCIP cross-chain standard, joining a broader shift away from LayerZero after the $292 million KelpDAO bridge exploit earlier this year, according to an announcement on Tuesday.
"BitGo has long been built around a simple principle: security comes first," BitGo CEO Mike Belshe said in a statement. "As we expand support for BitGo-issued assets across more chains, Chainlink CCIP gives us a proven, institutionally adopted interoperability standard that aligns with the controls, reliability, and risk management our clients expect from BitGo. "
The company has also said it will exclusively use CCIP as its inter-blockchain solution for all “future BitGo-issued assets” going forward. WBTC was previously the largest asset using LayerZero’s OFT standard.
Dozens of projects have switched to Chainlink in recent months, including other wrapped bitcoins like Kraken’s kBTC and the Bitcoin-centric DeFi platform Solv Protocol’s SolvBTC and xSolvBTC.
WBTC represents the largest asset yet as part of that exodus, which had totaled about $7.2 billion as of July. With WBTC, nearly $15 billion worth of total value locked has pledged to switch from using LayerZero as a provider to Chainlink, a Chainlink representative told The Block.
