BitGo has integrated Stacks, allowing delegate and solo Stacking for its clients. This enables them to earn Bitcoin (BTC) directly within their wallets through a secure process. Additionally, BitGo now supports the Stacks token standard. It also acts as a network Signer, contributing to consensus and block production. This Signer role will be essential for the future launch of sBTC, a decentralized Bitcoin-backed asset.
BitGo Enhances Bitcoin with Stacks Layer Support
BitGo, a digital asset financial services provider, has stepped up its support for the Stacks layer and the extension of Bitcoin capabilities. This initiative gives all of BitGo’s clients the chance to earn Bitcoins through Staking. Through the wallets, BitGo users can create their own BTC rewards.
In this integration, BitGo will be a Signer on the network, process blocks and consensus of the blockchain network. The Signer for this asset will be BitGo when sBTC, a decentralized 1:1 Bitcoin-backed asset, will be launched.
When dealing with the decentralized network, signers like the BitGo is useful equipment especially in the form of BTC/sBTC exchange at both layer 1 and layer 2. sBTC can be created by users locking equivalent BTC in a Bitcoin blockchain script governed by the Signer network. The Signers then mint sBTC and send the same to the Stacks address of the user.
Daniel Du is Senior Product Manager at BitGo. He expressed support for Stacks in expanding their smart contract capabilities and decentralized applications. He emphasized BitGo’s commitment to providing regulated custody and stacking of STX.
Bitcoin TVL Rises Sevenfold Since December 2023
The Bitcoin layer ecosystem has grown in the recent past as the industry seeks to improve the opportunities for the Bitcoin economy. By starting from December 2023, the total value locked into the Bitcoin ecosystem has increased seven times and is now above $2.2 billion.
Finally, Jonathan Sadlowe is a General Partner at Gossamer Capital. He pointed out that in this case, the BitGo integration with the Stacks layer is quite an appreciable hallmark of approval for Bitcoin Layer 2 solutions. He also pointed out that Bitcoin L2s will have crucial importance for the growth of the applications based on the Bitcoin technology in the future.
