Robert Liu, a board member of Hong Kong-based BitGlobal, defended Justin Sun's involvement with Wrapped Bitcoin (WBTC) in a recent interview. Liu argued that Sun's reputation comes from his success with the Tron blockchain and the widespread trust in Tether's USDT. The plan for WBTC is to significantly increase its value, aiming for a market cap 5 to 10 times greater than its current nearly $10 billion. The restructuring aims to offer a decentralized alternative to bitcoin exchange-traded funds amid growing interest from institutional investors. Liu noted that concerns over Sun's transparency stem from past controversies but asserted that his role as an advisor and connector with BitGo was critical. The arrangement for WBTC involves a new custodial setup with BitGlobal and BitGo, with a focus on regulatory compliance and user trust, particularly crucial given the stagnant growth in wrapped Bitcoin. Liu emphasized the importance of a trusted, diversified custody structure in contrast to more anonymous decentralized options.

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