BitGo, a major cryptocurrency custody provider, has announced a transformative partnership with Core DAO to improve Bitcoin return potential for institutional clients. BitGo’s partnership brings Core DAO’s dual staking approach, which allows institutions to receive scalable rewards for staking Bitcoin while maintaining complete control over their assets.
Core DAO’s unique strategy enables Bitcoin holders to lock their assets on the Bitcoin blockchain, thereby securing the Core blockchain in exchange for Core (CORE) tokens. This dual staking strategy takes it a step further, delivering larger payouts to consumers that stake both Bitcoin and CORE tokens, establishing a new standard in institutional staking.
You can earn yield on your Bitcoin without having to trust Core.
— Core DAO 🔶 (@Coredao_Org) September 4, 2024
Truly self-custodial Bitcoin staking:
🔶Your Bitcoin never leaves your wallet
🔶The time-lock mechanism prevents you from selling them
🔶You unlock Bitcoin's full potential pic.twitter.com/acWlp4zlee
Unlike proof-of-stake blockchains such as Ethereum, which support native staking, Bitcoin uses a proof-of-work consensus that prohibits direct staking. Core DAO addresses this gap by providing techniques such as Bitcoin restaking and dual staking. These options offer high yields without exposing assets to counterparty risk, credit concerns, or smart contract vulnerabilities.
Core DAO’s non-custodial staking method allows clients to keep complete control of their Bitcoin while collecting incentives. Furthermore, BitGo’s interface enables institutions to securely timelock Bitcoin and stake CORE tokens via a competent custody platform, reducing the risk of slashing or unexpected asset loss.
Rich Rines, a founding contributor of Core DAO, stressed the importance of this innovation: “Dual staking takes Bitcoin to the next level, enabling users to earn better rewards than many traditional DeFi opportunities.”
BitGo’s collaboration with Core DAO demonstrates its dedication to providing secure and creative yield-generating opportunities for its customers. This discovery not only transforms Bitcoin staking for institutions, but it also solidifies BitGo’s position as a leader in providing cutting-edge digital asset management solutions.
