This new partnership allows BitGo’s users to earn Bitcoin rewards through “stacking.”
In this process, holders of Stacks’ native STX tokens can generate Bitcoin yield directly within their wallets. Let’s see more about this important news for Bitcoin rewards.
BitGo Users Can Earn Bitcoin Rewards via Stacks Integration
Stacks enable users to stack their STX tokens and earn rewards. This is without needing to lend out their assets or expose them to additional risks. This integration represents a significant advancement in Bitcoin’s utility. It provides a secure and productive way for institutional investors to engage with Bitcoin in the DeFi space.
Source: X
According to Cointelegraph, Kyle Ellicott, the ecosystem investor lead at Stacks, emphasized the importance of this integration in a statement, noting that it marks a crucial step for Bitcoin’s institutional adoption. Ellicott highlighted that allowing institutions to earn native Bitcoin yield through STX tokens aligns with BitGo’s goal of leveraging institutional capital in DeFi and staking. He underscored that making Bitcoin a productive asset is vital for its long-term success and its role in supporting a decentralized economy.
More About Stacks & BitGo
Stack’s CEO announced its support for Stacks Nakamoto and sBTC, expanding its role in the cryptocurrency ecosystem. Known for its involvement as the signer behind WBTC on Ethereum, BitGo will now join a select group of institutional signers for sBTC.
Source: X
So, by supporting sBTC, BitGo aims to further integrate Bitcoin with DeFi applications. This provides an additional avenues for institutional engagement and broader adoption of blockchain technology.
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