BitGo, a digital asset financial services provider, has launched support for the Stacks layer, enhancing Bitcoin functionality with integrated delegate and solo stacking capabilities.
BitGo also offers a BTC rewards system via stacking, allowing users to generate BTC directly in their wallets. BitGo will also act as a "signer" on the network, helping with block production and consensus.
Vladislav SopovWith the launch of sBTC, a 1:1 Bitcoin-backed asset, BitGo will manage deposit and withdrawal transactions.
“BitGo is pleased to support Stacks in expanding their smart contract capabilities and decentralized applications for builders and institutions, alike. “We are proud to provide regulated qualified custody and stacking of STX, and we look forward to partnering with them in their future advancements,” says Daniel Du, Sr. Product Manager at BitGo.
Users deposit BTC into a script managed by the signer network to create sBTC. The signers mint sBTC and send it to the user's Stacks address. To convert sBTC back to BTC, users initiate a peg-out transaction, and signers send BTC to the user's Bitcoin address.
Alex Dovbnya
Vladislav Sopov