With its Nakamoto update, Stacks, one of the best layer-2 Bitcoin solutions, has reached a major milestone. This also means that Stacks has formed a new relationship with Anchorage Digital Bank N.A., making it the first platform to work with Anchorage and give STX holders access to crypto custody services.
Anchorage Digital officially joined the Bitcoin layer-2 (L2) ecosystem on September 4 when it revealed that it would be adding support for STX custody.
Nathan McCauley, chief executive officer and co-founder of Anchorage Digital stated that :
“Layer 2s like Stacks are advancing a new vision for the Bitcoin ecosystem—and institutions are taking notice. As the crypto ecosystem continues to expand, we are committed to providing safe, secure, and regulated access to innovative networks like Stacks. We’re pleased to offer access to qualified custody for Stacks via Anchorage Digital Bank N.A.”
Bitcoin L2 Attracts Major Investments
As long as BTC stays the most valuable digital asset, there has been an enormous rise in institutional demand for projects linked to BTC. This is because layer-2 networks are becoming more useful.
Recent news reports say that a lot of startup capital has been put into Bitcoin L2 projects. In the second quarter of 2024, $94.6 million (42.4%) of all L2 investments were made in Bitcoin L2 solutions.
Experts say that this environment will be an enormous opportunity for the BTC market because it will make it easier to grow and give people new ways to use BTC .
People think that Stacks, which started its mainnet in 2021, will be a key part of making BTC’s ecosystem, which has an estimated $800 billion in untapped capital, work better. The most current Nakamoto update is very important for making decentralized finance (DeFi) applications work on BTC.
The sBTC token from Stacks is supposed to be highly significant in Bitcoin DeFi, games, and other uses, making BTC even more useful.
