Thomas Daniels
Anchorage Digital Bank has taken a pivotal step in advancing institutional custody services by expanding into the Bitcoin layer-2 (L2) ecosystem. Through a strategic partnership with Stacks, a leading Bitcoin L2 solution, Anchorage will now provide secure custody support for Stacks’ native token, STX.
Stacks, which recently achieved a significant milestone with its Nakamoto upgrade, is the first Bitcoin L2 platform to integrate Anchorage Digital Bank N.A. This move offers STX holders regulated custody services, marking Anchorage’s formal entry into the growing Bitcoin L2 space.
In a statement issued on September 4, Anchorage Digital highlighted its commitment to expanding into innovative networks like Stacks, underscoring the role of L2 solutions in shaping Bitcoin’s future.
“Layer 2s like Stacks are driving a new vision for Bitcoin, and institutions are taking notice. As the crypto ecosystem grows, we remain dedicated to providing safe, secure, and regulated access to these networks,” said Nathan McCauley, CEO and co-founder of Anchorage Digital.
Expanding Bitcoin’s L2 Ecosystem
Bitcoin continues to lead the digital asset market, with rising institutional interest in layer-2 networks aimed at enhancing scalability and unlocking new use cases for Bitcoin. According to recent data, venture capital firms invested over $94.6 million, or 42.4% of total L2 investments, into Bitcoin L2 solutions in Q2 2024.
Stacks, which launched its mainnet in 2021, is among the key projects driving this expansion. Its Nakamoto upgrade is expected to unlock decentralized finance (DeFi) capabilities on Bitcoin, with the sBTC token poised to play a critical role in Bitcoin DeFi, gaming, and other applications. Experts estimate the potential value of the broader Bitcoin ecosystem to exceed $800 billion, signaling vast opportunities for growth.
