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  • Threshold community proposes merger to safeguard WBTC amid growing concerns

    Threshold community proposes merger to safeguard WBTC amid growing concerns

    Threshold community proposes merger to safeguard WBTC amid growing concerns
    • Threshold community proposes merging tBTC with WBTC.
    • The proposal is driven by concerns over WBTC’s stability due to Justin Sun’s involvement.
    • According to the proposal, BitGo will receive T tokens, becoming a major stakeholder in Threshold Network.

    In a strategic move to protect the future of Wrapped Bitcoin (WBTC), a proposal dubbed “#saveWBTC – a merger with Threshold’s tBTC” has been put forward to merge the decentralized tBTC token of Threshold with BitGo’s WBTC.

    The proposal, currently under discussion on Threshold’s forum page, comes in response to rising concerns within the crypto community regarding WBTC’s stability following BitGo’s partnership with Hong Kong-based BiT Global, a company partly owned by Justin Sun, founder of the Tron ecosystem.

    Unease with Justin Sun’s involvement with WBTC

    The partnership has raised alarms due to Sun’s controversial track record, with past incidents of misappropriating collateral. This unease has already led major DeFi protocols like MakerDAO to limit their exposure to WBTC, halt its use as collateral, and consider fully offboarding the asset.

    Aave, another significant player in the DeFi space, is also closely monitoring the situation.

    The Threshold, WBTC merger proposal

    The merger proposal seeks to replace WBTC’s centralized custody and merchant-based mint and burn model with its decentralized and permissionless mint/redeem mechanism. This transition aims to ensure the safety and stability of the underlying collateral, reassuring users and protocols reliant on WBTC.

    The plan involves granting Threshold’s DAO merchant privileges for WBTC while disabling tBTC minting, allowing existing tBTC holders to redeem WBTC at a 1:1 ratio.

    As part of the proposal, BitGo would receive a grant of T tokens, making it the largest stakeholder in the Threshold Network.

    The merger would be implemented in stages to ensure a seamless transition, with a fallback plan to offboard WBTC safely if the proposal is declined.

    By combining WBTC’s established user base and liquidity with tBTC’s decentralized technology, Threshold aims to preserve WBTC’s role in the DeFi ecosystem, ensuring that the concerns over BiT Global’s involvement do not destabilize the broader market.

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  • Bitcoin miner GRIID makes NASDAQ debut after SPAC merger

    Bitcoin miner GRIID makes NASDAQ debut after SPAC merger

    • GRIID begins trading on NASDAQ post-SPAC merger, enhancing market presence.
    • NASDAQ debut follows a successful merger with Adit EdTech Acquisition Corp.
    • GRIID’s listing underscores the growing integration of cryptocurrency firms into traditional markets.

    GRIID, a US-based Bitcoin mining company, has officially commenced trading on the NASDAQ Global Market, heralding a new chapter in its journey. Known for its vertically integrated mining facilities leveraging sustainable energy, GRIID’s foray into the NASDAQ marks a notable milestone in the cryptocurrency sector’s intersection with traditional financial markets.

    The move signifies a pivotal moment for GRIID, emphasizing its strategic expansion and commitment to delivering value to shareholders.

    GRIID’s SPAC merger

    GRIID’s NASDAQ listing comes on the heels of a successful merger with Adit EdTech Acquisition Corp, a special purpose acquisition company (SPAC). This strategic move underscores GRIID’s dedication to fortifying its market position and enhancing shareholder value. With the completion of the merger on January 2nd, GRIID swiftly transitioned to public trading, showcasing its agility in capitalizing on market opportunities.

    As GRIID joins the ranks of publicly traded Bitcoin miners on NASDAQ, including industry giants like Coinbase Global and Marathon Digital, the cryptocurrency ecosystem continues to integrate into mainstream finance. GRIID’s presence on NASDAQ not only bolsters its visibility and liquidity but also underscores the growing investor interest in cryptocurrency-related ventures.

    GRIID’s NASDAQ debut marks a significant milestone for the company and the broader cryptocurrency industry. With its innovative approach to Bitcoin mining and strategic market moves, GRIID is poised to make waves in the financial landscape, further bridging the gap between traditional finance and the burgeoning world of digital assets.

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