Blockstack PBC, an independent entity in the Stacks ecosystem that’s bringing apps and smart contracts to bitcoin, announced today its partnership with Staked, an infrastructure services provider for institutions seeking to earn rewards on their crypto assets. Stacks enables everyone to build expressive decentralized applications (dApps) on top of Bitcoin’s secure blockchain without modifying any core code. With Staked, STX holders can earn BTC for stacking STX, a first-of-its-kind innovation.
This partnership expands the scope of where STX holders can safely and easily earn BTC and affirms Staked’s leadership position in the crypto asset staking marketplace. Stacks’ novel consensus algorithm, Proof-of-Transfer (PoX), empowers STX token holders meeting a dynamic minimum requirement to earn BTC for helping secure Stacks network. Stacking STX tokens differs from staking Proof-of-Stake (PoS) tokens, where stakers earn rewards denominated in the same crypto-asset staked. As a multi-asset model, Blockstack’s stacking solution extends new earning possibilities to BTC.
“Blockstack is thrilled to partner with Staked,” said Blockstack PBC Co-Founder, Muneeb Ali. “Anchored by the time-tested security of Bitcoin, Stacks brings apps and smart contracts to Bitcoin and enables users to earn the most valued crypto asset, bitcoin. Several STX holders, especially institutional players, will likely participate in consensus through service providers; Staked was a clear choice as a launch partner with their reputation as a leading staking provider with the most available tokens and long track record of success.”
As an early leader in the staking community, Staked has seen first-hand that there is a desire for earning BTC, which has rallied over 60% in the last two months. The venue’s robust infrastructure enables the possibility for high-value STX holders to stack STX and earn BTC returns.
“Partnering with Blockstack provides a new crypto asset earning model,” said Staked’s CEO, Tim Ogilvie. “Now our customers can earn bitcoin in this dynamic, groundbreaking way. We are excited to partner with Blockstack and drive future earning possibilities forward together.”
