Blockstack Teams With Staked to Let STX Holders Earn Bitcoin

News | November 18, 2020 By:

Blockstack PBC, an independent entity in the Stacks ecosystem that is bringing apps and smart contracts to bitcoin, has teamed with Staked, an infrastructure services provider for institutions seeking to earn rewards on their crypto assets.

Blockstack PBC is dedicated to building a user-owned Internet on bitcoin. It focuses on providing tools for developers that are building secure apps and smart contracts on bitcoin using the soon-to-launch Stacks 2.0 blockchain. The new blockchain design unlocks innovation on bitcoin for the first time via Proof-of-Transfer, a novel consensus mechanism. The STX token was distributed to the general public through, among other things, the first-ever SEC qualified token offering in US history.

Founded in 2018, Staked helps investors earn yield from staking and DeFi lending without taking custody of their crypto assets. It enables everyone to build expressive decentralized applications (dApps) on top of bitcoin’s secure blockchain without modifying any core code.

In partnership with Staked, STX holders will have an easy and seamless way to earn BTC. Stacking STX not only earns token holders BTC, but it also bootstraps the unparalleled security of bitcoin’s blockchain to provide robust safety for the entire Stacks ecosystem. Stacks developers can now build dApps and smart contracts confidently and earn BTC for contributing to the ecosystem.

“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.”

This partnership signals the beginning of a new chapter in DeFi. As earning bitcoin becomes more mainstream, stacking may reinforce bitcoin’s center of gravity throughout the crypto asset ecosystem. Giving users the power to own, earn, and build with the industry’s leading assets is a big leap forward for the user-owned Internet.

“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.”