LayerZero was selected to be the provider of interoperability for BitGo’s Wrapped bitcoin (WBTC), enhancing its cross-chain capability.
The choice of LayerZero highlights its growing influence on the blockchain and has caused ZRO to bounce back from an important support level.
LayerZero is a key player in BitGo’s WBTC expansion
LayerZero will be the interoperability partner for BitGo’s tokenized wrapped Bitcoin (WBTC). This product is now available on Avalanche, BNB Chain and LayerZero.
BitGo will use LayerZero’s Omnichain Fungible Token standard (OFT), which enables seamless, cost-effective transfer of WBTC between these networks.
OFT, which is widely used by more than 100 protocols, including Ethena.fi and Swell (Ether.fi), was designed to reduce traditional risks associated with cross-chain transactions, such as bridge hacks and double-spending.
LayerZero’s protocol is advanced and allows WBTC to be processed as an omnichain message, which ensures security.
BitGo’s security model features a decentralized verification network (1-of-2-3), which includes LayerZero, Polyhedra and BitGo. The configuration of this network is critical for the approval and integrity of WBTC transaction.
ZRO Price Breaks Out from Symmetrical Triangle Pattern
The ZRO token formed a triangle pattern last week with the risk of a breakout in a negative direction amid increasing crypto bear pressure.
Converging trendlines indicate that the triangle is in a phase of consolidation before it can break out.
On September 8, the token bounced off of its support pattern of the symmetrical triangular shape, reviving hope of a bullish tendency that has been realized after today’s news of LayerZero being selected for BitGo WBTC compatibility.
After today’s announcement the ZRO price surged immediately, resulting in a bullish break above the resistance of the triangle pattern at $3.623. The daily high was $3.63 and then slightly retreated to $3.54 by press time.
The token has a market capitalization of $389,558,365 and a 24-hour volume trading value of $63,106.496.
LayerZero’s interoperability solution continues to improve, and BitGo’s WBTC is expanding across the major blockchains. Both LayerZero (and ZRO) are poised for increased visibility in the crypto-ecosystem.
The post ZRO Breaks Out as BitGo Picks LayerZero For WBTC Interoperability will be updated as new developments unfold.
