BitGo has adopted LayerZero's Omnichain Fungible Token (OFT) Standard for its Wrapped Bitcoin (WBTC), enabling deployment across over 80 blockchain networks.

This standard allows WBTC to operate under a unified framework, facilitating easier communication and transfer between different blockchains.

The OFT standard promotes low-cost transfers of WBTC between BitGo-approved chains, enhancing security and minimizing risks of double-spending and hacks.

Transactions will be verified through BitGo's proprietary decentralized verifier network (DVN), which includes LayerZero Labs and Polyhedra.

BitGo will maintain ownership of all WBTC contracts and control over the native deployment of WBTC across multiple chains.

This expansion allows WBTC, a key collateral in decentralized finance (DeFi), to be minted natively on major chains without additional bridging risks.

The announcement was made on September 10, with initial deployments on Avalanche and BNB Chain, expanding beyond previous networks like Ethereum, Base, Tron, and Polygon.

This rollout follows BitGo's recent transition to a multi-jurisdictional custodial structure, now including operations in Hong Kong and Singapore to mitigate geographic risks.

However, BitGo faced controversy last month regarding a change in corporate ownership involving TRON founder Justin Sun, which led to mixed reactions from the DeFi community.

In light of the ownership announcement, Sky Protocol sought to delist WBTC collateralization from its DAI stablecoin, while Aave is adopting a cautious approach.

Concerns have been raised regarding potential risks to token storage due to the involvement of third parties, such as BiT Global and the Tron ecosystem.

Despite these challenges, BitGo's WBTC remains the leading tokenized bitcoin collateral, with 152,950 WBTC issued, valued at approximately $8.7 billion on Ethereum.