WBTC Plans Migration to New Bitcoin Reserve Deposit Addresses

Wrapped Bitcoin (WBTC) plans to migrate to new Bitcoin (BTC) deposit addresses used for custody of its reserves as tokenized bitcoin infrastructure faces the longer-term challenge of adapting to quantum-resistant cryptography. WBTC has 116,000 tokens in circulation, representing about $9.5 billion in bitcoin-backed assets. Each token is backed one-for-one by bitcoin held in custody. WBTC provides bitcoin liquidity to lending platforms, decentralized exchanges and other decentralized finance applications across several blockchain networks. Quantum computers with sufficient computing power could eventually break digital signatures used to secure Bitcoin transactions. That could put some bitcoin at risk when the relevant public keys have been exposed. No publicly demonstrated quantum computer can carry out such attacks at large scale today.

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