WBTC completes transition to multi-jurisdictional custody arrangement, with control of its underlying assets shared by Singapore, Hong Kong, China, and the United States

According to BlockBeats, WBTC has completed its transition to a geographically distributed custody structure on October 10. According to the cooperation agreement between BitGo and BiT Global, control of the underlying Bitcoin will now be shared by Singapore, Hong Kong, China, and the United States.

The new custody structure uses a multi-signature protocol that requires two signatures to approve any transaction and move funds from the wallet. Following the successful move to multi-jurisdictional custody, BiT Global issued the following statement:

“With diversified geographic jurisdictions including the United States, Hong Kong, China, and Singapore, we ensure that no single jurisdiction/entity controls the custody of WBTC assets.”