Asian Blockchain firm, Stacks, increases Bitcoin Layer-2 growth partnership with Abu Dhabi Global Market
The Stacks Asia DLT Foundation, a pioneer in Bitcoin layer-2 tech, just kickstarted its journey in the Abu Dhabi Global Market (ADGM). This move is set to supercharge Bitcoin's presence across the Middle East and Asia ambitions.
Embracing ADGM's flexible Distributed Ledger Technology Foundations framework, the Foundation is looking to blaze a trail for Bitcoin's layer-2 technology in these regions.
Kyle Ellicott, the Foundation's interim Executive Director, shared that ADGM's support for blockchain innovation and its alignment with Stacks' goals were the driving forces behind the decision. Stacks is a shiny new building on Bitcoin's infrastructure, enabling extended functionality without tinkering with its fundamental network.
With the green light from the U.S. Securities and Exchange Commission, Stacks' foray into ADGM strengthens its regulatory position.
Regional Powwow Time
The Foundation has its eyes set on teaming up with regional partners to roll out educational programs, propel Bitcoin development, and engage with policymakers to mold regulations around digital assets, Bitcoin utility, and yield products.
Ellicott reveals plans to establish connections between Asia-Pacific and the UAE via ADGM's base, with Hong Kong serving as the calling card. The focus will be on promoting Bitcoin's programmability and fostering innovation in DeFi applications.
The Foundation also intends to capitalize on the recent unveiling of sBTC, a 1:1 Bitcoin-backed asset on the Stacks mainnet. sBTC opens the door to exciting DeFi activities like lending and trading, all while preserving Bitcoin's robust security net.
ADGM's CEO, Hamad Sayah Al Mazrouei, cheered Stacks' registration, viewing it as a testament to the region's growing influence in digital assets and layer-2 Bitcoin development.
As excitement for Bitcoin-based technologies heats up in Asia and the Middle East, the partnership between Stacks Asia DLT Foundation and ADGM solidifies the Foundation's role as a vanguard in Bitcoin layer-2 technology.
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- The Stacks Asia DLT Foundation, a leader in Bitcoin layer-2 technology, has begun its journey in the Abu Dhabi Global Market (ADGM), aiming to boost Bitcoin's presence across the Middle East and Asia.
- Leveraging ADGM's flexible Distributed Ledger Technology Foundations framework, the Foundation seeks to lead the way for Bitcoin's layer-2 technology in these regions.
- Kyle Ellicott, the Foundation's interim Executive Director, cited ADGM's support for blockchain innovation and its alignment with Stacks' goals as key factors in the decision.
- With approval from the U.S. Securities and Exchange Commission, Stacks' presence in ADGM reinforces its regulatory position.
- The Foundation plans to collaborate with regional partners to introduce educational programs, advance Bitcoin development, and influence policies regarding digital assets, Bitcoin utility, and yield products.
- Ellicott also revealed plans to bridge the gap between the Asia-Pacific and UAE through ADGM's base, with a focus on promoting Bitcoin's programmability and encouraging innovation in DeFi applications.
- Recently, the Foundation unveiled sBTC, a 1:1 Bitcoin-backed asset on the Stacks mainnet, which opens the door to DeFi activities like lending and trading, thereby preserving Bitcoin's strong security.
