Digital asset financial institution Anchorage has taken a serious step in increasing its institutional custody companies into the Bitcoin layer-2 ecosystem by way of a partnership with Stacks.
Stacks (STX) is a number one L2 resolution on Bitcoin (BTC) that not too long ago marked an enormous milestone with its Nakamoto improve. This partnership makes Stacks the primary platform to combine Anchorage Digital Financial institution N.A., providing STX holders entry to custody companies.
In an announcement on Sept. 4, Anchorage Digital introduced that it had added crypto custody assist for STX, marking its official entry into the Bitcoin L2 ecosystem.
“Layer 2s like Stacks are advancing a brand new imaginative and prescient for the Bitcoin ecosystem—and establishments are taking discover. Because the crypto ecosystem continues to broaden, we’re dedicated to offering protected, safe, and controlled entry to revolutionary networks like Stacks. We’re happy to supply entry to certified custody for Stacks by way of Anchorage Digital Financial institution N.A.”
Nathan McCauley, chief govt officer and co-founder of Anchorage Digital
Learn extra: Anchorage provides assist for custody of SPL-based tokens
The rising Bitcoin L2 ecosystem
Bitcoin continues to dominate the market as the highest digital asset, with institutional demand spiking in latest months. A part of this recognition and demand has come amid new alternatives by way of layer-2 networks – a market ecosystem on Bitcoin that consultants predict is a serious alternative.
Prime enterprise capital companies have backed a number of Bitcoin L2 initiatives. In accordance with a latest report, greater than $94.6 million, or 42.4% of investments within the L2 house, went to initiatives constructing Bitcoin L2 options within the second quarter of 2024.
As extra initiatives look to boost Bitcoin’s scalability and assist broaden BTC utility, the market is eyeing new use circumstances. Stacks, which launched its mainnet in 2021, is among the initiatives consultants say may unlock an ecosystem with an estimated latent capital of over $800 billion.
The venture’s Nakamoto improve is essential to the unlocking of decentralized finance purposes on Bitcoin. Its sBTC token will probably be essential in Bitcoin DeFi, gaming, and different purposes.
Learn extra: Goldman Sachs-backed Anchorage launches self-custody crypto pockets for establishments
