Close Menu
    Bitcoin

    Stacks Asia partners with HEX Trust for $180B Bitcoin DeFi opportunity

    By No Comments3 Mins Read

    30s Summary

    Hex Trust has partnered with Stacks Asia Foundation to tap into the $180bn Bitcoin market and support Stacks layer and other relevant digital assets. This partnership aims at enhancing the future growth of decentralised finance (DeFi) applications. A Bitcoin DeFi or BTCFi movement suggests that collaborations such as this could enhance the value of Bitcoin. Interest in adding DeFi features to the Bitcoin network has grown since the coin halved in 2024. Several firms, including Hermetica, are focussing on increasing Bitcoin’s utility.

    Full Article

    Hex Trust, a digital asset services provider, has teamed up with Stacks Asia Foundation aiming to cash in on the huge $180 billion market surrounding Bitcoin. Hex Trust will now offer support for the Stacks layer and other associated digital assets thanks to this partnership. This will pave the way for future ramp-ups in decentralised finance applications.

    Kyle Ellicott, from Stacks, says this collaboration shows a rising interest from institutional investors and the Bitcoin-based DeFi sector is coming of age. According to Ellicott, Hex Trust’s involvement reflects a growing demand in Asia for Bitcoin-related products.

    Hex Trust’s Calvin Shen believes the collaboration could also add to the financial value of Bitcoin for their institutional clients. A growing movement known as Bitcoin DeFi or BTCFi suggests further integrations like this could increase the usefulness of the Bitcoin network. A notable early integration will support SIP-010, Stacks’ easily trackable and transferable token.

    Interest in the scope for building DeFi features into the Bitcoin network has been increasing since Bitcoin was halved in 2024, which introduced the Runes protocol — this was the first standardised fungible token on the Bitcoin blockchain.

    The demand for crypto from institutions is on the up in Asia, reports Ellicott from Stacks. The systematic rise of institutional interest has played a part in Stacks tying up partnerships across Asia with service providers interested in institutional offerings, added Ellicott.

    Other projects aiming to ramp up Bitcoin’s utility include Hermetica, which has launched the very first Bitcoin-backed synthetic dollar, USDh, with a starting yield of 25% for investors.

    CEO and founder of Hermetica, Jakob Schillinger, predicts Bitcoin DeFi could be the next big thing in the crypto world. “We believe Bitcoin DeFi will match and eclipse the size of Ethereum DeFi in the next 5 years,” said Schillinger.

    Other notable developments include Binance Labs and Tim Draper-backed Zest Protocol’s launch of a Bitcoin-based token that rewards holders with staking yield.

    Source: Cointelegraph

    Related Posts