HashKey Cloud Joins Stacks' Genesis Bond to Test Institutional Demand for Native Bitcoin Yield
HashKey Cloud has joined Stacks' Genesis Bond pilot to test institutional demand for native Bitcoin yield. This marks the second institution announced for the network's Genesis Bond pilot, after the first was revealed on August 27.
The Genesis Bond allows participants to time-lock their BTC on Bitcoin and pair it with STX worth roughly 5% of the committed Bitcoin. The participant retains custody of the principal but is exposed to price movements of STX for about six months.
According to Stacks, its miners commit BTC as they compete to produce blocks and receive STX block rewards. Participants in the Genesis Bond receive their target return first from this pool, with a roughly six-month bond delivering around 1.44% of locked BTC if the target is realized.