Stacks Foundation, the organization supporting the development of Bitcoin Layer 2 network Stacks (STX), announced a partnership with the multi-asset money platform Uphold. The collaboration aims to advance the mainstream adoption of both Bitcoin and Stacks.
Uphold offers ‘Anything-to-Anything’ trading, allowing users to trade various asset classes such as cryptocurrencies, commodities, and equities. It serves customers in over 184 countries, supporting over 250 traditional currencies and cryptocurrencies, as well as commodities. At present, Uphold has facilitated over $4 billion in transactions.
The new partnership will allow Uphold users to trade native STX and transfer their assets seamlessly between external Stacks-compatible wallets and Uphold accounts.
STX tokens serve as the native tokens on the Stacks layer. They facilitate the operation of smart contracts and applications for Bitcoin, enabling holders to earn BTC through stacking. Within Stacks, STX tokens are utilized as fuel for executing smart contracts, processing transactions, and registering digital assets.
“Partnerships with platforms like Uphold show the increasing appetite, normalization, and mainstream adoption of digital assets, including Bitcoin Layer 2s like Stacks,” said Stacks in a written statement. “The Stacks Foundation is excited to grow with Uphold and bring Bitcoin and Bitcoin L2s to the mainstream,” the project added.
Stacks Implements Nakamoto Upgrade And Plans To Roll Out sBTC For Transferring BTC In Or Out Bitcoin Layers
Stacks is a Bitcoin Layer 2 network that introduces smart contract capabilities to Bitcoin without modifying Bitcoin itself. It facilitates smart contracts and decentralized applications to utilize Bitcoin as a secure foundation. Layer 2 networks such as Stacks contribute to unlocking Bitcoin and its $1 trillion in passive capital by transforming it into a fully programmable and productive asset, allowing applications to be developed on the Bitcoin platform.
Recently, Stacks launched Nakamoto, a hard fork on its network. This upgrade aims to provide various benefits, including enhanced transaction throughput and achieving 100% Bitcoin finality.
The project intends to launch sBTC, a non-custodial, programmable 1 to 1 Bitcoin-backed asset that facilitates the decentralized transfer of BTC in and out of Bitcoin layers. This initiative aims to transform Bitcoin into a fully programmable and versatile asset, enabling it to be utilized for numerous use cases.
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