BitGo partners with Core Foundation to launch institutional Bitcoin staking solution, offering secure yield generation through innovative Dual Staking model while maintaining custody-grade security.
In a landmark collaboration, BitGo, a US-based digital asset custody firm, has partnered with Core Foundation, the nonprofit organization overseeing the growth and development of the Core blockchain to revolutionize institutional Bitcoin investments.
Announcing the partnership on Monday, December 9, BitGo said the deal has introduced a secure and scalable solution for institutions to unlock yield from Bitcoin’s vast $2 trillion untapped liquidity.
The new solution leverages Core Foundation’s innovative Dual Staking model, allowing institutions to earn rewards by staking their Bitcoin and CORE tokens. This model introduces Bitcoin’s first “risk-free rate,” supported by transaction fees and the long-term rewards built into Bitcoin’s blockchain.
Through BitGo’s integration, institutions can securely stake their assets without compromising security, gaining access to tiered yield opportunities and unlocking new revenue streams.
As a US-qualified custodian, BitGo has been tasked with the responsibility of protecting users’ assets. According to the announcement, the company will ensure that the staking activities are conducted with the highest level of security, eliminating risks like asset slashing, counterparty exposure, or smart contract vulnerabilities.
Commenting on the partnership, Rich Rines, an Initial Contributor at Core Foundation, said the alliance is a significant milestone for the Bitcoin DeFi ecosystem.
“BitGo’s decision to integrate Core is a milestone for institutional-grade Bitcoin staking. By combining Core’s secure, sustainable, and scalable staking solutions with BitGo’s unparalleled custody services, we’re ushering in a new era of Bitcoin DeFi,” he said.
BitGo’s CEO, Mike Belshe sees the integration with Core as part of the company’s commitment to offering investors secure ways to maximize the value of their Bitcoin holdings.
“BitGo’s integration with Core underscores our commitment to expanding opportunities for institutional clients to securely generate yield from their Bitcoin holdings. As the first US qualified custodian to enable access to Core’s innovative Dual Staking model, we’re delivering scalable and sustainable solutions that align with Bitcoin’s security-first principles while unlocking new value for institutions,” he noted.
The partnership will be highlighted at Bitcoin Fusion MENA, an industry event bringing together global blockchain leaders on December 10, 2024, in Abu Dhabi. Core Foundation will showcase the new Dual Staking model at Booth M-120, offering a closer look at how this collaboration is redefining Bitcoin finance.
Meanwhile, Core is one of the many Bitcoin-powered networks built to leverage the Bitcoin hash rate and the delegated proof-of-stake (DPoS) consensus mechanism to create a blockchain that is secure, scalable, and decentralized.
The protocol has cemented its position as one of the leaders in the Bitcoin DeFi space. With over $1 billion in total value locked (TVL) and a vibrant ecosystem of more than 100 decentralized applications, Core continues to drive innovation.
The platform also supports over 500,000 active wallets weekly and has facilitated 319 million transactions to date.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
