In a significant development within the cryptocurrency sphere, BitGo, a prominent name in cryptocurrency custody services, is set to transform the income-generating prospects for institutional investors dealing with Bitcoin. The firm made an announcement today, revealing that it has incorporated Core DAO’s cutting-edge dual staking model into its platform. This integration paves the way for clients to not only safeguard their assets but also achieve scalable yields on their Bitcoin holdings.
For the very first instance, institutional investors now have the avenue to stake their Bitcoin via BitGo’s platform, all while engaging in Core DAO’s dual staking system. This unique opportunity enables Bitcoin holders to augment their returns by staking Core tokens, and they can do so without relinquishing control over their precious assets.
Core DAO has swiftly ascended to a leading position in the Bitcoin DeFi landscape. Its collaboration with BitGo marks a momentous stride forward for the platform. With over $1 billion in locked value and exhibiting robust growth within the Bitcoin ecosystem, Core DAO is at the forefront of presenting novel reward-earning mechanisms for Bitcoin investors.
Rich Rines of Core DAO commented, “BitGo’s move to integrate Core is a landmark achievement for institutional-grade Bitcoin staking. By marrying Core’s secure, sustainable, and scalable staking solutions with BitGo’s unrivaled custody offerings, we are heralding a new era of Bitcoin DeFi.”
Direct staking of Bitcoin is infeasible due to its proof-of-work mechanism. However, Core DAO’s dual staking concept presents an ingenious workaround. Bitcoin holders can lock their BTC to bolster the security of the Core blockchain and, in turn, earn rewards denominated in both Bitcoin and Core tokens. This approach promises higher returns compared to conventional Bitcoin staking methods and shields institutions from the typical risks tied to staking.
This partnership undeniably emerges as a game-changer for institutional Bitcoin staking. As Bitcoin’s significance in the financial realm continues to swell, Core DAO’s dual staking model unlocks fresh vistas, positioning Bitcoin as a pivotal force in the decentralized finance (DeFi) domain. The collaboration is slated to be spotlighted at the Bitcoin Fusion MENA conference in Abu Dhabi on December 10, 2024.
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