Ankr Joins Stacks Signer Set

Ankr has joined the signer set for sBTC, a Bitcoin (BTC) pegged asset based on Stacks (STX). sBTC is designed as a 1:1 pegged asset that allows BTC to be utilized on the Stacks network, featuring a structure where multiple signers approve issuance and transfers. Ankr participates as a signer in the Stacks ecosystem and is included in the group of operators that validate and secure Bitcoin-pegged transactions on the Stacks network. The initial signer set consists of 14 operators, requiring at least 10 out of 14 to approve transactions. This standard is set with security and operational efficiency in mind. Signers are not chosen randomly; criteria include operational experience, high uptime, emergency response capabilities, network contributions, and geographical distribution. The sBTC mainnet launch is scheduled for December 17, 2024, with withdrawal functionality expected to be introduced after March 2025. Ankr provides remote procedure call (RPC) services, validator solutions, and customized infrastructure tools for Bitcoin-related protocols. This participation is also highlighted as Ankr's name appears in the Stacks Foundation's 'Best and Brightest' campaign. The signer structure is a mechanism to reduce custodial risks that arise when utilizing Bitcoin on other networks.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.