LayerZero has been selected as the interoperability provider for BitGo Wrapped Bitcoin (WBTC) to expand its cross-chain capabilities. LayerZero’s selection highlights the network’s growing influence in the blockchain space and has seen its native token ZRO bounce off a major support level on its price chart.
With LayerZero as the official interoperability provider, BitGo will expand its tokenized wrapped bitcoin (WBTC) product to Avalanche and BNB Chain. Using LayerZero’s Omnichain Fungible Token (OFT) standard, BitGo aims to facilitate the seamless and cost-effective transfer of WBTC across these networks. The OFT standard, widely adopted by over 100 protocols including Ethena, Ether.fi, and Swell, is designed to mitigate traditional cross-chain risks such as double-spends and bridge hacks.
ZRO token formed a symmetrical triangle last week with the risk of a bearish breakout amid increased bearish pressure in the crypto market. The token bounced off the symmetrical triangle support on September 8, reviving bullish hopes that were realized after the announcement of LayerZero’s selection for WBTC’s BitGo. ZRO rallied, triggering a bullish breakout above the symmetrical triangle resistance at $3,623, reaching a daily high of $3.63 before slightly retreating to $3.54 at the time of writing.
Image: Crypto Briefing
