October 25, 2024<\/p>\n\n\n\n
By Our Correspondent<\/p>\n\n\n\n
Hex\u00a0Trust, a leading fully licensed digital asset provider of custody and markets services, has announced its integration of the Babylon Bitcoin Staking protocol for a full suite of custody, trading and staking services for\u00a0Hex\u00a0Trust\u2019s institutional clients on completion of the Babylon mainnet launch. This marks a major milestone in\u00a0Hex\u00a0Trust\u2019s push into the burgeoning Bitcoin ecosystem.\u00a0
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Hex\u00a0Trust\u00a0is already supporting Babylon\u2019s Phase-1 mainnet launch, where BTC holders initiated the staking process by submitting Bitcoin staking transactions to the Bitcoin blockchain, and as a Finality Provider. The BTC staking protocol attracted 22,891 BTC (~$1.5 billion) into its Cap-2 within 10 Bitcoin blocks after briefly increasing staked levels, moving closer to the complete launch of its mainnet.\u00a0
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These new deposits instantly vaulted Babylon to the top of the leaderboard for Bitcoin ecosystem projects, with the Lightning Network second at $350 million of TVL, based on\u00a0DeFi Llama data. The cap was lifted for about 10 Bitcoin blocks over the course of one hour and 23 minutes, with the only restriction being that users could stake no more than 500 BTC per transaction.
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This shows the enormous demand for a growing decentralized finance (DeFi) ecosystem built atop the Bitcoin blockchain, previously confined to alternative networks like Ethereum and Solana. Unlocking 21 million BTC and enabling staking, functionality and programmability presents an enormous opportunity to the industry.\u00a0
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Babylon allows proof-of-stake chains to acquire security from the deep reserves stored in the Bitcoin protocol. The protocol allows for the staking of BTC directly on the Bitcoin blockchain, without the need for smart contracts or cross-chain bridges. This enables BTC holders to stake and earn rewards for enhancing the security of Proof of Stake Networks, L2s, and their associated consumer chains. This method represents a significant advancement for Bitcoin\u2019s utility, particularly for institutions looking to use bitcoin beyond its ability to make payments and store value.\u00a0
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Hex\u00a0Trust\u00a0is committed to continuously bringing new and cutting-edge products to its institutional client base, and is leading the way in opening up innovative BTC ecosystem solutions to its users. As a finality provider,\u00a0Hex\u00a0Trust\u2019s clients will be able to stake their Bitcoin to the Babylon mainnet and earn rewards on day-1 of the launch, all while keeping their private keys secured within a regulated, insured and air-gapped custody environment.\u00a0
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Calvin Shen, Chief Commercial Officer at\u00a0Hex\u00a0Trust, adds: “Supporting Babylon and the growing Bitcoin\u00a0ecosystems represents an enormous opportunity to\u00a0Hex\u00a0Trust\u00a0and our clients. Over half of the entire market cap of crypto is attributed to a single asset: Bitcoin. Unlocking value on the original digital asset through staking, and ultimately through DeFi, is a huge milestone for the industry and means new utility for Bitcoin holders beyond its traditional role as a store of value.”
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“We’re thrilled to see\u00a0Hex\u00a0Trust’s commitment to supporting Babylon and the broader Bitcoin staking ecosystem,”\u00a0says\u00a0Xinshu Dong, Chief Strategy Officer of Babylon.\u00a0“Their integration of the Babylon Bitcoin Staking protocol is a testament to the growing demand for secure and accessible staking solutions, particularly among institutional bitcoin holders. We believe this collaboration will play an important role in the adoption of Bitcoin staking and unlocking new opportunities for Bitcoin holders.”<\/p>\n\n\n\n
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October 25, 2024 By Our Correspondent Hex\u00a0Trust, a leading fully licensed digital asset provider of custody and markets services, has announced its integration of the Babylon Bitcoin Staking protocol for a full suite of custody, trading and staking services for\u00a0Hex\u00a0Trust\u2019s institutional clients on completion of the Babylon mainnet launch. This marks a major milestone in\u00a0Hex\u00a0Trust\u2019s […]<\/p>\n","protected":false},"author":4,"featured_media":6569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[129,1],"tags":[],"class_list":{"0":"post-6567","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ethereum","8":"category-uncategorized"},"yoast_head":"\n