New Ethereum-based Tokens Will Be Supported by Bitcoin

US crypto wallet and the BitGo blockchain security company have announced the development of Ethereum (ETH) -based coins that are supported by 1: 1 with Bitcoin (BTC), according to an official blog post Friday, October 26.

The announcement reads that Bitcoin Wrapped will give users
"A variety of cases of new users of decentralization include decentralized exchange (DEX), as collateral for stable coins or loans, for flexible flexible payments and contracts in the Ethereum ecosystem."

Major decentralized projects such as Kyber Network, Gnosis, MakerDAO, and others will empower the launch of cases of the first users of the new ERC-20 coins in January 2019, according to the announcement.

Describing a coin that will come as a "transformational community effort," BitGo claims that the new token will bring the "stability and value" of the main Bitcoin cryptocurrency to make cryptocurrency applicable to businesses in blockhain Ethereum.

BitGo said that the company introduced new digital assets with "full reserve evidence" after "significant institutional interests" in asset tokenization such as securities, commodities and real estate.

According to the statement, each Bitcoin will be accounted for on the dashboard that displays the address and balance, and users will be able to verify every Bitcoin held on blockchain, which is available for monitoring through Etherscan.

In early September, BitGo obtained a charter of state trust in South Dakota to become a certified custodian of cryptocurrency. As a custodian, BitGo will be subject to regulatory oversight in accordance with the policy of knowing your customers (KYC) and anti-money laundering (AML).