Sky Ecosystem Moves to Off-board Risky WBTC
Friday, 13 September 2024, 02:15
Sky Ecosystem's Proposal to Off-board WBTC
In a significant move, Sky Ecosystem has announced its intention to vote on off-boarding risky WBTC. This proposal is part of a new initiative to unwind WBTC from its Sky Lend and legacy vaults, ensuring better asset management.
Details of the Off-boarding Process
- BitGo will manage the custody of the underlying BTC.
- On October 8, BitGo will transfer control to BitGlobal.
- This is a crucial step in managing the risks associated with WBTC.
Implications for Sky Ecosystem
By undertaking this initiative, Sky aims to strengthen its position in the market and enhance the stability of its platform amidst ongoing market fluctuations.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.