Copper, a firm focused on digital asset custody, collateral management, and prime services, announces expanded support for Stacks (STX) and sBTC, the synthetic Bitcoin-backed protocol, rolled out across its secure custody and settlement infrastructure.
sBTC is a Bitcoin-backed asset “on the Stacks Layer 2, pegged 1:1 with BTC, enabling Bitcoin holders to access smart contracts, DeFi, and other programmable finance use cases while maintaining a direct connection to Bitcoin’s value.”
sBTC is designed to bring Bitcoin liquidity to DeFi applications, “enabling new opportunities for yield, lending, and cross-chain interoperability.”
This integration enables Copper’s global clients to “securely store, transfer, and manage sBTC alongside their existing digital asset portfolios, further enhancing access to the Bitcoin DeFi ecosystem.”
The addition of sBTC support reflects Copper’s ongoing commitment to providing “infrastructure for institutional investors seeking exposure to innovative blockchain assets.”
Key highlights include:
- Copper’s new UI stacking feature enables users to participate in Stacks (STX) and sBTC-related activities without leaving the Copper platform, enhancing operational efficiency and security.
- sBTC deposits: Users can deposit BTC, which is then converted to sBTC and credited to their Stacks address within Copper’s custody system.
- sBTC withdrawals: Users can seamlessly convert sBTC back to BTC, with the protocol burning the sBTC and releasing the equivalent BTC to the specified Bitcoin address.
Adam VandenBoogaard, Copper’s Co-Head of Revenue – Americas, commented:
“By integrating stacking and sBTC support into our user interface, Copper is making it easier for institutions to utilise Bitcoin while maintaining the highest standards of security and compliance. Copper remains committed and excited to grow its connectivity to the Bitcoin Layer 2 ecosystem”
Andre Serrano, Head of Product at Bitcoin L2 Labs, added:
“The support for sBTC is a signal that a new phase for Bitcoin’s development has begun. We’re thrilled to see Copper expand its connectivity to the Bitcoin Layer 2 ecosystem with its support for sBTC.”
This expansion reinforces Copper’s commitment to “providing robust, regulated digital asset custody and infrastructure solutions for the evolving needs of institutional investors.”
As noted in the update, Stacks is “a Bitcoin Layer for smart contracts; it enables smart contracts and decentralized applications to use Bitcoin as an asset and settle transactions on the Bitcoin blockchain.”
In December 2022, the sBTC whitepaper was released along with plans for the 2023 Nakamoto Release which will aim to “bring faster speeds and transactions backed by 100% of BTC security to the Stacks Layer.”
The launch of sBTC will unlock Bitcoin as a “fully programmable, productive asset for countless use cases.”
In the Stacks ecosystem, there are currently “30+ companies including a non-profit Stacks Foundation, a developer tooling company Hiro, Xverse, Trust Machines, New Internet Labs, Mechanism, Daemon Technologies, ALEX, Arkadiko etc. — it is a truly decentralized ecosystem.”
Since being founded in 2018, Copper.co has been “building the standard for institutional digital asset infrastructure with a focus on custody and collateral management.”
Underpinned by innovative technology, Copper has “built a comprehensive and secure suite of products and services required to safely custody and trade digital assets.”
At the core of Copper’s infrastructure is ClearLoop, which enables clients to manage collateral and “settle trades across multiple exchanges, while mitigating counterparty risk and increasing capital efficiency.”