Anchorage Takes Bitcoin Layer-2 Leap With Stacks (STX) Custody Support

Digital asset bank Anchorage has taken a major step in expanding its institutional custody services into the Bitcoin layer-2 ecosystem through a partnership with Stacks.

Digital asset bank Anchorage is expanding its institutional custody services into the Bitcoin layer-2 ecosystem through a partnership with Stacks (STX).

This makes Stacks the first platform to integrate Anchorage Digital Bank N.A., offering STX holders access to custody services.

According to the announcement on Sept. 4, Anchorage Digital has added crypto custody support for STX, marking its official entry into the Bitcoin L2 ecosystem.

“Layer 2s like Stacks are advancing a new vision for the Bitcoin ecosystem—and institutions are taking notice. As the crypto ecosystem continues to expand, we are committed to providing safe, secure, and regulated access to innovative networks like Stacks. We’re pleased to offer access to qualified custody for Stacks via Anchorage Digital Bank N.A.”

Nathan McCauley, Chief Executive Officer and Co-Founder of Anchorage Digital.

Bitcoin’s layer-2 ecosystem is expanding rapidly

As the leading digital asset, Bitcoin continues to attract strong institutional demand. This recognition and demand are partly due to new opportunities emerging through layer-2 networks.

According to a recent report, more than $94.6 million, or 42.4%, of investments in the L2 space went to projects building Bitcoin L2 solutions in Q2 2024.

Top venture capital firms are backing several Bitcoin L2 projects. As more projects aim to enhance Bitcoin’s scalability and expand BTC utility, the market is uncovering new use cases.

Stacks, which launched its mainnet in 2021, is one of the projects that experts believe could unlock an ecosystem with an estimated latent capital of over $800 billion.

The project’s Nakamoto upgrade is critical to unlocking decentralized finance applications on Bitcoin. Its sBTC token will be essential in Bitcoin DeFi, gaming, and other applications.

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