Anchorage Partners Up with Stacks to Expand Custody Services
The leading regulated digital asset bank, Anchorage Digital, today announced an institutional custody service expansion into the BTC layer-2 ecosystem through a new strategic partnership with Stacks. For the very first time, any Bitcoin L2 platform, such as Stacks, has integrated itself with Anchorage Digital Bank N.A. for secure and regulated custody services to be given to STX holders.
Anchorage Digital announced that its crypto custody platform currently supports STX, Stacks’ native token, in a press release on September 4 to further cement its position in the evolving BTC ecosystem.
Nathan McCauley, CEO and Co-Founder of Anchorage Digital had the following to say about the announcement:
Layer 2s like Stacks are pioneering a new vision for the Bitcoin ecosystem—and institutions are taking note. We are dedicated to offering safe, secure, and regulated access to pioneering networks like Stacks as the crypto ecosystem continues to grow. We’re delighted to offer access to qualified custody for Stacks via Anchorage Digital Bank N.A.”
Increasing Demand for the Bitcoin Layer-2 Ecosystem
Bitcoin still has continued to dominate the most extensive market cap in the digital asset market while onboarding institutional interest significantly over recent months. In no small part, this has been due to a rise of layer-2 scaling solutions that present a scaling solution to a growing BTC adoption. According to many experts, the BTC L2s represent the next significant opportunity for the crypto market.
In fact, as recently reported, more than $94.6 million of venture capital investments were pumped into BTC layer-2 projects alone in the second quarter of 2024. Such a trend indicates an insatiable demand for those projects that maximize scalability and utility for BTC .
Stacks: Unlocking the Future of Bitcoin DeFi
Launched in 2021, Stacks is one of the flagship projects in the BTC layer-2 space, a platform for creating decentralized applications, or dApps, on BTC. Recently, Stacks succeeded in achieving a critical milestone with its upgrade called Nakamoto, supposed to flip the landscape of decentralized finance on Bitcoin.
Exciting aspects of the Stacks roadmap include the sBTC token, which is expected to become instrumental in Bitcoin DeFi, gaming, and many other use cases. Analysts believe that unlocking Bitcoin DeFi will unleash latent capital upwards of $800 billion, again expanding the functionality of BTC far beyond its use case as a simple store of value.
Anchorage Role in Supporting Evolving Landscape of Bitcoin
This indeed is a major move for Anchorage Digital into the Bitcoin L2 ecosystem. Powered by its secure, institutional-grade custody, Anchorage is set to further support the growing ecosystem of Bitcoin L2 solutions such as Stacks. At the same time, demand for scalable, secure, and decentralized BTC solutions will see more action, and Anchorage Digital at the front in driving innovation within the institutional crypto services market.
Anchorage is continuing the innovative bounds of what is possible with Bitcoin by adding custody services for Stacks, making it easier for institutions to safely participate in the growing BTC DeFi space.
