BitGo Standardizes WBTC on Chainlink's CCIP After Recent Exploit
BitGo, a leading cryptocurrency custodian, has announced that it will standardize Wrapped Bitcoin (WBTC) on Chainlink's Cross-Chain Interoperability Protocol (CCIP). This move follows a recent wave of migrations toward CCIP after the April exploit tied to Kelp DAO's prior bridge configuration resulted in a loss of $292 million.
The migration marks another milestone for CCIP, which has seen over $15 billion in value migrate across 13 teams since May. BitGo cited four specific reasons for the switch: security, reliability, risk management standards, and control over its token deployments.
According to Chainlink Labs Chief Business Officer Johann Eid, making CCIP the exclusive cross-chain infrastructure for WBTC marks another step toward a secure DeFi ecosystem. The protocol has reportedly supported more than $32 trillion in cumulative transaction value and secures over $110 billion across DeFi and cross-chain applications.