Digital asset infrastructure and financial services company BitGo (NYSE: BTGO) announced it’s migrating from its legacy bridging provider and adopting Chainlink’s Cross-Chain Interoperability Protocol (CCIP) as the exclusive cross-chain infrastructure for more than $7.7 billion of Wrapped Bitcoin (WBTC) as well as all future BitGo-issued assets.
BitGo joins numerous protocols, representing a combined TVL of $15 billion, to adopt CCIP following a LayerZero exploit that resulted in nearly $300 million in losses across DeFi. The move reflects BitGo’s security-first approach to bringing institutions into the multi-chain financial system.
Chainlink powers 70% of global DeFi markets across 80+ networks and has enabled over $32 trillion in onchain transaction value. As the only oracle platform to achieve ISO 27001 and SOC 2 Type 2 attestation, Chainlink is being utilized by the world’s largest financial institutions, including Swift, Euroclear, UBS, Wellington Management, ANZ, and Fidelity International, to bring capital markets onchain.
CCIP maintains the industry’s highest level of cross-chain security, backed by a separate Risk Management Network. Compared to bridge solutions with only one or two centrally controlled nodes, each CCIP bridge lane is secured by at least 16 independent, security-reviewed node operators, while native rate limits act as circuit breakers to help limit the impact of anomalies or extreme volatility.
BitGo will also leverage Chainlink’s Cross-Chain Token (CCT) standard to establish a canonical security model for deploying WBTC and all future assets across supported blockchains.
“BitGo has long been built around a simple principle: security comes first,” said BitGo co-founder and CEO, Mike Belshe, in an official announcement.
“As we expand support for BitGo-issued assets across more chains, Chainlink CCIP gives us a proven, institutionally adopted interoperability standard that aligns with the controls, reliability, and risk management our clients expect from BitGo.”
“We’re proud to support BitGo in this defining moment for our industry where one of its most long-standing leaders doubles down on security,” added Chainlink Labs’ Chief Business Officer, Johann Eid.
“Cementing Chainlink CCIP as the exclusive cross-chain infrastructure for WBTC and future BitGo-issued assets is another major milestone towards establishing the secure DeFi ecosystem users demand.”