Hex Trust expands the Bitcoin ecosystem with Babylon’s layer-2
The post Hex Trust expands the Bitcoin ecosystem with Babylon’s layer-2 appeared on BitcoinEthereumNews.com.
Hex Trust, provider of digital custody services, has just formed a strategic partnership with Babylon, a layer-2 of Bitcoin. The company headquartered in Hong Kong will contribute as the main agent to the oversight of the assets deposited on the network. Additionally, it will provide support for staking, enabling access for institutional investors and enhancing the utility of Bitcoin in DeFi. Babylon currently boasts a TVL of 1.6 billion dollars, with 23,850 BTC staked in restaking. Hex Trust and the partnership with Bitcoin Babylon’s layer-2 The leading oriental company in the digital asset market Hex Trust has announced a collaboration with Babylon, a well-known layer-2 built on Bitcoin. This is great news for the world of cryptographic investments, as the presence of Hex Trust allows DeFi to be brought to institutional clients as well. The custody service provider, based in Hong Kong, will indeed be fully integrated into the Babylon Bitcoin Staking protocol. It will contribute to the management and securing of BTC deposited on layer-2 and will offer direct support for staking and trading on the platform. The market is experiencing a period of uncertainty, with “bull” and “bear” trends alternating frequently. Investors are advised to stay informed and cautious during these times. For those who do not know, Babylon is a restaking protocol that allows staking in BTC directly on the Bitcoin network without using smart contracts or bridges. Thanks to its infrastructure, it enables the acquisition of the security inherent in Bitcoin to other secondary chains, such as Babylon Chain. Furthermore, it allows BTC holders to stake and earn rewards to enhance the security of Proof of Stake networks and associated consumer chains. In this way Babylon encourages users to enhance decentralized activities on Bitcoin, unlocking new features for the entire industry. The new presence of Hex…
Filed under: News - @ October 24, 2024 12:23 pm