Originally published on: October 29, 2024
In a strategic move to tap into the vast $180 billion market potential within the Bitcoin ecosystem, HEX Trust, a leading digital asset services provider, has joined forces with the Stacks Asia Foundation.
This collaboration will pave the way for the custody platform to support the Stacks layer and its associated digital assets, as well as facilitate future on-ramps for decentralized finance (DeFi) applications.
According to Kyle Ellicott, investor relations lead at Stacks, this partnership reflects a surge in institutional interest and signals the maturation of the Bitcoin-based DeFi industry. Ellicott highlighted the growing demand for Bitcoin ecosystem products in Asia, applauding the entrance of HEX Trust into the market.
Calvin Shen, the chief commercial officer at HEX Trust, emphasized that the partnership has the potential to enhance the financial utility of Bitcoin for institutional clients, underscoring the benefits of this collaboration.
By integrating Stacks layer support and enabling fungible token standards like SIP-010, the partnership aims to add more utility to the Bitcoin network, paving the way for innovative applications in the Bitcoin DeFi space.
As interest in Bitcoin DeFi gains momentum post the 2024 Bitcoin halving, projects like Hermetica are pioneering the development of novel solutions, such as Bitcoin-backed synthetic dollar USDh, with impressive yields for investors.
Jakob Schillinger, CEO and founder of Hermetica, believes that Bitcoin DeFi represents a significant opportunity in the crypto space, projecting its growth to surpass Ethereum DeFi in the next five years.
In a similar vein, Binance Labs and Tim Draper-backed Zest Protocol have introduced a Bitcoin-based token that offers staking rewards to holders, further fueling the innovation and evolution of the Bitcoin DeFi ecosystem.
The collaboration between Stacks Asia and HEX Trust sets the stage for unlocking the considerable potential of Bitcoin DeFi, ushering in a new era of financial opportunities and advancements in the world of digital assets. Get ready to witness the transformation firsthand as this dynamic partnership unfolds in the ever-evolving landscape of decentralized finance.
