Ryder, a hardware cryptocurrency wallet, has announced plans to operate the FAST Pool Stacking provider and be a Signer for the upcoming upgrade known as Stacks Nakamoto. As a signer, Ryder will aid Stacks in becoming a complete Bitcoin layer-two.

Signers will play a critical role in the next Stacks upgrade revolving around the Bitcoin halving process. They will ensure permissionless movement of Bitcoin to the Stacks Layer using its open network.

Stacks Signers support the transfer of Bitcoin to and from layer two by validating Stacks blocks and processing transactions. Ryder will secure the Bitcoin network and support the next generation of Bitcoin applications deemed scalable.

Ryder will operate FAST Pool, allowing STX holders to stack tokens and be signers for Stacks blocks. The STX token will be used to pay gas fees on layer two. STX claims to be the first token in the US to undergo an SEC-qualified sale.

FAST Pool will also support sBTC processing in a decentralized manner. Signers “sign” deposit and withdrawal transactions for the sBTC token, which is 1:1 backed by Bitcoin. sBTC helps in unlocking Bitcoin as a programmable asset.

sBTC and the upcoming Nakamoto upgrade will improve speeds and transactions backed by 100% Bitcoin finality. Stacks is the largest Bitcoin layer-two regarding market cap and developer traction.

Ryder is now making it easier for anyone with STX tokens to participate in decentralizing the Bitcoin layer two. Those seeking to participate in verifying Bitcoin movements to and from the layer two can stack STX tokens through the FAST Pool and generate BTC rewards.

FAST Pool has a total value locked (TVL) of 43 million STX. As a Signer for the Stacks Nakamoto upgrade, Ryder will control 10% of the total stacking TVL and help Stacks become a complete Bitcoin L2.

Ryder’s CEO, Louise Ivan, noted that Ryder was committed to improving accessibility and usability to make networks more robust and decentralized. To achieve this goal, Ryder was bringing FAST pool to Ryder.

“With the Ryder wallet, we will be able to offer the thousands of users and their millions in capital an additional layer of protection on top of the unique security properties of the Stacks layer. We believe this is the beginning of an age where Bitcoin becomes truly for everyone,” Ivan said.

The post Ryder Wallet to operate FAST Pool and be a signer for upcoming Stacks Nakamoto upgrade appeared first on Invezz

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