Odaily News BitGo previously announced that it would become a minority shareholder in a new joint venture with Hong Kong-based BiT Global to provide “multi-jurisdictional and multi-institutional custody” for WBTC operations. The company also described the move as a “strategic partnership” between BitGo and Tron founder Justin Sun. Sun’s participation in the joint venture was subject to a 60-day transition period, which allowed Maker DAO’s risk management team Block Analitica Labs to propose a proposal on Maker’s governance forum to prevent new borrowing against WBTC collateral. BA Labs co-founder Monetsupply wrote: "Overall, we find that Justin Sun's role as a controlling shareholder in the newly formed WBTC joint venture presents an unacceptable risk." In an interview, BitGo CEO Mike Belshe downplayed the impact of Justin Sun's participation in the joint venture, emphasizing BitGo's long-term commitment to security. "BiT Global has a whole team of people managing multiple customer accounts, and they have a responsibility to keep them properly. They can't loan out funds, and they can't give funds to Justin Sun, me, or anyone else at will, otherwise they will break the law and go to jail. In terms of certification, we have always owned wbtc.network, which will continue to operate." Although some users in the crypto community have proposed decentralized alternatives to WBTC, Belshe believes that such products are risky. "DeFi products are not that decentralized. What happens if they decide to start earning returns and taking risks? So the structure we created is not legally allowed to do this. That's what makes it unique. It also makes it more expensive to run." As for Maker DAO, Belshe said he was willing to assist with due diligence to alleviate any concerns. (The Block) Yesterday, it was reported that BitGo and BiT Global have joined hands to form a joint venture to expand WBTC's custody and cold storage services to multiple jurisdictions. BitGo will participate as a minority shareholder in the new joint venture. The change will be seamless and transparent to the WBTC community, and the transition period is expected to be 60 days. The new solution will apply the multi-signature and cold storage technology that BitGo has used to protect Bitcoin since 2019 to ensure the safety of assets. As for some of the community's concerns about Justin Sun's participation in the project, he responded that participating in the WBTC project only provides strategic support and does not affect the security and decentralized core of the project.