BitGo, a major player in digital asset custody and infrastructure, announced it has integrated sBTC — Stacks’ 1:1 programmable Bitcoin-backed asset.
The move opens fresh avenues for institutional participation in decentralized finance.
BitGo has been an early backer of Stacks, serving as an initial network Signer and early supporter of both the Nakamoto upgrade and the sBTC initiative.
BitGo clients now have the ability to put their Bitcoin to work by utilizing sBTC, a fully programmable, 1:1 Bitcoin-backed asset that extends Bitcoin’s utility without undermining its security.
With sBTC withdrawal functionality scheduled to go live at the end of the month, institutional investors will gain the flexibility to convert between BTC and sBTC across Bitcoin’s layer 1 and layer 2 networks, enabling access to a broader range of applications, tokenized assets, and decentralized finance products.
The integration comes as demand for sBTC grows among major institutions like Jump Crypto, UTXO Management, SNZ, and Asymmetric Research, who are leveraging its functionality to engage in decentralized finance (DeFi).
Additionally, BitGo’s support extends to SIP-010, Stacks’ fungible token standard, paving the way for potential future integration of other Stacks assets.
This enhances the ecosystem’s potential and strengthens its interoperability within the broader Stacks network.
BitGo, the creator of Wrapped Bitcoin (WBTC) in 2018, pioneered the wrapped Bitcoin concept.
Now, acknowledging the evolution towards more decentralized solutions, BitGo has embraced sBTC as the next step.
Unlike WBTC, sBTC operates without a centralized custodian, relying on smart contracts and a decentralized network of validators.
Moreover, all sBTC transactions are settled on Bitcoin, ensuring 100% Bitcoin finality and leveraging the full security benefits of the Bitcoin network.
“BitGo has long believed in the promise of Bitcoin beyond just being a store of value. Our integration of sBTC marks a pivotal step toward expanding Bitcoin’s utility in decentralized finance,” said Abishek Singh, Product Manager at BitGo.
Singh further added:
As one of the earliest supporters of Stacks and the Nakamoto release, we’re excited to bring institutional-grade custody and infrastructure to the Stacks ecosystem. With over $3 trillion in processed transactions and more than $48 billion in staked assets, BitGo is uniquely positioned to help institutions tap into this new era of Bitcoin utility. sBTC opens the door to programmable, decentralized financial products without compromising Bitcoin’s core principles—and we’re just getting started.”
The post BitGo introduces institutional support for sBTC, boosting Bitcoin DeFi accessibility appeared first on Invezz
