BitGo Integrates With Stacks and Adds Support For sBTC
In Brief
BitGo announced its integration with Stacks, enhancing Bitcoin’s functionality with delegate and solo stacking capabilities.
BitGo announced its integration with the Layer 2 network Stacks, now supporting sBTC and the Stacks token standard SIP-10. This integration is expected to broaden BitGo’s ecosystem participation and enhance Bitcoin’s functionality with both delegate and solo stacking capabilities.
sBTC is a non-custodial, programmable asset backed one-to-one by Bitcoin, designed to facilitate the decentralized movement of BTC in and out of Bitcoin layers.
With stacking, BitGo users will be able to earn BTC rewards directly in their wallets, providing a secure and efficient method for increasing their Bitcoin holdings without the need for lending or additional risks. This integration offers Bitcoin holders a new avenue to engage with decentralized finance (DeFi) protocols, particularly appealing to those who have avoided DeFi due to concerns about smart contracts and proof-of-stake (PoS) protocols.
BitGo Plans To Become Stacks ‘Signer’
Furthermore, as part of this integration, BitGo will function as a ‘Signer’ on the network, participating in block production and consensus processes. Signers are essential to the decentralized network, facilitating the movement of BTC between Layer 1 and Layer 2 layers of the Bitcoin network.
Stacks represents a Bitcoin Layer 2 solution that allows smart contracts and decentralized applications (dApps) to utilize Bitcoin as a base layer. Earlier this year, Stacks began implementing its Nakamoto release, aimed at enhancing transaction speeds and transactions backed by full Bitcoin’s finality to the Stacks Layer. Presently, among the Stacks’ ‘Signers’ are Blockdaemon, NEAR Foundation, Kiln, along with other projects. As of the current writing, the platform has over $93 million in total value locked (TVL), as per DeFiLlama data.
This platform is an infrastructure provider for digital asset solutions, offering a variety of services encompassing custody, wallets, staking, trading, financing, as well as settlement, all managed from regulated cold storage.
Recently, BitGo introduced custody support for Wormhole’s native ERC-20 governance token, W. This new capability allows individuals to hold W in hot wallets, custodial wallets, and self-managed cold wallets.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
