Anchorage announces custody support for Bitcoin L2 Stacks

Digital asset financial institution Anchorage has taken a significant step in increasing its institutional custody providers to the Bitcoin layer 2 ecosystem by a partnership with Stacks.

Stacks (STX) is a number one L2 resolution on Bitcoin (BTC) that just lately marked an enormous milestone with the Nakamoto improve. This partnership makes Stacks the primary platform to combine Anchorage Digital Financial institution NA and supply STX holders with entry to custodial providers.

In a single announcement on September 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 increase, we try to offer secure, safe, and controlled entry to revolutionary networks like Stacks. We’re happy to offer entry to certified custody for Stacks by Anchorage Digital Financial institution NA”

Nathan McCauley, CEO and co-founder of Anchorage Digital

The Rising Bitcoin L2 Ecosystem

Bitcoin continues to dominate the market because the main digital asset, with institutional demand surging in current months. A part of this recognition and demand has come from new alternatives by layer 2 networks – a market ecosystem on Bitcoin that specialists predict is an enormous alternative.

High enterprise capital companies have backed a number of Bitcoin L2 tasks. In accordance with one recent reportWithin the second quarter of 2024, over $94.6 million, or 42.4% of investments within the L2 house, went to tasks constructing Bitcoin L2 options.

As extra tasks look to enhance Bitcoin’s scalability and assist increase BTC’s usefulness, the market is taking a look at new use instances. Stacks, which launched its mainnet in 2021, is likely one of the tasks that specialists say might unlock an ecosystem with an estimated latent capital of greater than $800 billion.

The challenge’s Nakamoto improve is essential for unlocking decentralized finance functions on Bitcoin. The sBTC token can be essential in Bitcoin DeFi, gaming and different functions.