BitGo Dumps $7.4B WBTC on LayerZero for Chainlink's CCIP
BitGo is moving $7.4 billion in Wrapped Bitcoin (WBTC) from LayerZero to Chainlink's Cross-Chain Interoperability Protocol (CCIP). This migration comes after similar decisions by other issuers of wrapped Bitcoin products, including Kraken and Solv Protocol.
According to BitGo CEO Mike Belshe, the company chose CCIP for its 'security first' approach. He noted that CCIP provides the controls, reliability, and risk management expected by institutional clients. The move is seen as a significant shift in the industry, with nearly $15 billion in token value now pledged for migration from LayerZero to Chainlink.
The decision follows the KelpDAO exploit, which drained $292 million from the rsETH bridge earlier this year. The incident highlighted weaknesses in customizable verification systems and led to a reevaluation of cross-chain security. Chainlink's CCIP offers an alternative with at least 16 independent node operators that have completed security reviews.