BitGo, the Wrapped BTC owners, have taken up Chainlink Evidence of Reserve device to improve the clarity and analysis of digital assets for decentralized finance programs.
The function of the device is presently being run on testnet will allow ETH-based DAPPS to digitize the stress of analyzing Wrapped BTC comprehensively. This action comes as the volume of wBTC on ETH is almost $1 billion, worth over 92,000 Bitcoin.
The device stops the demand to depend on procedures done off-chain manually, which includes audit records. It simplifies the processes in a distrustful and censorship resisting form, making the digitized form of BTC more credible and secured.
BitGo, the Wrapped BTC owners, released their partnership with Chainlink on the 1st of October, stating that decentralized finance apps can now get accurate and precise on-chain evidence regarding the entirely supported use of Wrapped Bitcoin as collateral.
Source: Cointelegraph
