Core Foundation partners with BitGo to enhance Bitcoin DeFi, offering secure, scalable staking and high yields for institutional investors.
Core Foundation, the organization behind Core, the largest Bitcoin DeFi ecosystem, has announced its partnership with BitGo, a leader in digital asset custody and financial services. This collaboration marks a key milestone for Bitcoin DeFi (BTCfi). But today, BitGo becomes the first custodian to provide institutional access to Core’s Dual Staking mechanism. This move helps institutions to realize yield, from their investment in Bitcoin at a scalable level.
The integration also provides institutional clients with secured forms of Bitcoin staking. It means that clients can use BitGo’s qualified custody platform to lock their Bitcoins and stake CORE tokens. This approach allows institutions to earn yields which are both scalable and tiered without exposure to risks such as slashing, credit, counterparties, or smart contracts. Core is already established as the blockchain that is growing at the fastest pace within the top 15 blockchains, with a $1 billion plus TVL from DefiLlama.
Rich Rines, one of the original contributors at Core, highlighted the importance of the business relationship. He called the event a major marker for institutional Bitcoin staking. This partnership will integrate Core’s reliable and elastic platforms with BitGo’s reliable custody solutions. Bitcoin is entering a new era of decentralized finance through this new phase.
BitGo and Core Partnership Enhances Secure Bitcoin Staking
The integration brings clear benefits. Through custody services, institutions are able to stake their Bitcoin and CORE tokens with BitGo securely while receiving reasonable yield. The Dual Staking of Core is one of the best in the market to provide investors with high returns without much risk to their stake. Additionally, Core’s solutions are designed to allow Bitcoin holders to retain complete control of their funds at all times, which is in line with the platform’s focus on security.
Mike Belshe of BitGo, the CEO, also spoke about the importance of the partnership. He said that it opens up more ways for institutional clients to earn yield on their bitcoin in a secure manner. BitGo is the first qualified custodian in the United States to provide the Core’s Dual Staking model, which is a response to the need for significant investment products.
The Core ecosystem has been on the rise and has been exhibiting steady progress. It has more than 900 million in TVL, over 100 dApps, and 500k weekly active wallets. Established in July 2020, Core has handled 319 million transactions making its efficacy clear in the application of Bitcoin DeFi.
Lastly, the partnership will be highlighted at the Bitcoin Fusion MENA slated for December 10, 2024, in Abu Dhabi. Core will be present at the venue at Booth M-120 to explain how the integration facilitates institutional grade bitcoin yield.
