According to CryptoPotato, digital asset services infrastructure provider BitGo has launched support for the Bitcoin layer2 network Stacks and its new token standard, sBTC, to enhance Bitcoin's functionality with stacking capabilities. BitGo will join the Stacks network as a Signer, contributing to blockchain consensus and block production. This alliance allows BitGo users to grow their Bitcoin holdings without lending their assets, generating bitcoin (BTC) rewards in their wallets by using Stacks’ sBTC. sBTC is a decentralized 1:1 Bitcoin-backed asset created to enhance Bitcoin’s programmability, and BitGo will facilitate the deposits and withdrawals of the asset from Stacks. As a Signer on Stacks, BitGo will enable the conversion between BTC and sBTC across Bitcoin’s layer1 and layer2 networks. Users who want to create sBTC must deposit an equal amount of BTC into a Bitcoin blockchain script controlled by BitGo or other Signers. BitGo will then mint the sBTC and move it to the users’ addresses. The infrastructure provider follows a similar process when users convert their sBTC to BTC by initiating a peg-out transaction and sending the redeemed BTC to the appropriate addresses. BitGo’s Senior Product Manager, Daniel Du, expressed the company's enthusiasm for supporting Stacks in expanding their smart contract capabilities and decentralized applications for builders and institutions. He emphasized BitGo's commitment to providing regulated qualified custody and stacking of STX and looked forward to future advancements in their partnership. This development comes as developers and the Bitcoin community seek to unlock the potential of the leading crypto network. With developers looking for new ways to build on Bitcoin, the network’s total value locked has grown sevenfold to more than $2.2 billion. BitGo believes its participation as a Signer for Stacks would encourage Bitcoin layer2 developers to innovate more. Jonathan Sadlowe, General Partner at Gossamer Capital, highlighted the critical role that Bitcoin L2s, with Stacks leading among them, will play in expanding the Bitcoin ecosystem and driving future innovation. Investors and institutions are also looking to tap into Bitcoin’s potential, with several entities increasing their allocation to Bitcoin-based projects through direct investments and the launch of accelerator programs geared toward Bitcoin-building teams.
BitGo Integrates Support For Stacks And sBTC To Enhance Bitcoin Functionality
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