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In August, BitGo, the original and longtime custodian of the bitcoin backing WBTC, said it would distributecontrol over the project's custodyto three entities globally (including BiT Global) instead of just one to help decentralize the operation.BiT Global is registered as a Trust and Company Service Provider (TCSP) in Hong Kong and is a "strategic partnership between BitGo, Justin Sun, and the Tron ecosystem," according to the August release.Sun has no direct or indirect involvement on the cap table of those companies or the listed shareholders of BiT Global, board member Robert Liu said in an October interviewSome board members believe Sun’s involvement is actually “good for WBTC,” he said, given the success of Tron, crypto exchange HTX and other businesses.“The Tron blockchain has more than 50% of global market share,” Liu said.
“They have the highest turnover rate.
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