BitGo has replaced LayerZero with Chainlink's Cross-Chain Interoperability Protocol (CCIP) for $7.3 billion WBTC cross-chain transfers. According to CoinDesk, this move brings the total value of publicly announced migrations from LayerZero to Chainlink's infrastructure to roughly $14.6 billion.
Background
The migration will standardize WBTC deployments around Chainlink's Cross-Chain Token (CCT) standard while using CCIP by default for future digital assets it issues. WBTC is the largest tokenized version of Bitcoin, with a market capitalization of about $7.4 billion, according to CoinMarketCap.
Implications
The latest announcement follows a series of similar moves made after the $292 million exploit involving Kelp DAO's LayerZero-powered bridge earlier this year. Chainlink's directory already lists CCIP-enabled WBTC pools on Ethereum and Ronin.
Company Developments
BitGo said its new setup is designed to preserve operational control while simplifying cross-chain deployments. The company has also introduced BitGo Link, a treasury management platform that gives institutional clients a single dashboard to monitor balances and move assets across BitGo custody accounts and connected cryptocurrency exchanges.