BitGo partners with Core DAO to offer institutional Bitcoin staking and yield options.
Core DAO’s dual-staking model boosts returns while ensuring full control over Bitcoin assets.
BitGo and Core DAO offer new yield opportunities for institutional Bitcoin holders.
BitGo, a leading firm in crypto custody, has announced a new partnership with Core DAO to provide institutional Bitcoin staking services. This integration, unveiled on December 9, brings new scalable yield opportunities for Bitcoin holders through Core’s unique dual-staking model. It is a significant step that will help expand institutional investors’ revenue inflow.
The Core DAO’s system is designed to protect its assets, giving Bitcoin holder total control over their funds. This solves the problem of dealing with third parties, which is a big issue in staking. It builds on the rewards by allowing dual staking, meaning those who hold and stake CORE tokens alongside Bitcoin receive added benefits.
Strategic Partnership Goals
BitGo CEO Mike Belshe explained the importance of this development,
BitGo’s integration with Core underscores our commitment to expanding opportunities for institutional clients to securely generate yield from their Bitcoin holdings.
Staking is a process that enables people who hold cryptocurrencies to earn some passive income by essentially ‘storing’ their cryptocurrencies. Ethereum, which belongs to the PoS network, has native staking; however, being a PoW-based network, Bitcoin lacks such a feature. However, other approaches have been developed to cover this gap. These are custodial lending, DeFi applications, and layer-2 or restaking mechanics.
Restaking is a process of staking Bitcoin into intermediary protocols that, in turn, reinvest it into other blockchains for gains. However, Core DAO’s approach differs from all the mentioned projects. It presents a non-custodial staking feature where users can lock their Bitcoin and contribute it to Core’s network protection. The platform rewards them with Core tokens in return.
Dual Staking Benefits
This dual staking solution boosts up the returns, with a special emphasis on those staking Bitcoin and Core tokens. It gives BitGo’s institutional clients a simple way to ensure they get as much value as possible from their cryptocurrencies.
The increasing complexity of digital assets makes it possible for institutions to capitalize on Bitcoin and keep their assets safe through the BitGo solution. This partnership shows that the crypto industry is still developing.
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