BitGo Switches to Chainlink for WBTC Cross-Chain Activity
Chainlink has gained BitGo as its new exclusive cross-chain provider for wrapped Bitcoin (WBTC), in a move that brings the total value of announced migrations to $14.6 billion.
The switch follows security concerns surrounding LayerZero, which was previously used by BitGo for WBTC deployments on Avalanche and BNB Chain.
BitGo's decision to migrate from LayerZero to Chainlink allows it to retain control over token contracts, transfer limits, and other security settings through the use of Chainlink's Cross-Chain Token standard and CCIP (Cross-Chain Interoperability Protocol).
The migration is part of a broader trend in the industry, with several projects announcing plans to move their cross-chain activity to Chainlink. This includes Mantle, Kelp, Lombard, Solv Protocol, Virtuals, Re, and Kraken, which have all expressed concerns over LayerZero bridge security.
The total value of announced migrations under CCIP is now close to $15 billion, with WBTC currently holding a market capitalization of approximately $7.4 billion.