Chakra is thrilled to announce a strategic integration with Cobo, aimed at enhancing the security and flexibility of Bitcoin (BTC) staking on Babylon Chain.
Cobo, a leading provider of digital asset custody and wallet infrastructure, offers a comprehensive suite of solutions from custodial to non-custodial wallets, leveraging cutting-edge Multi-Party Computation (MPC) technology and smart contract capabilities.
This strategic integration allows Chakra users to securely store their staked BTC on Babylon Chain by leveraging Cobo's globally trusted MPC custody solution. Leveraging a dual implementation of MPC and Threshold Signature Scheme (TSS) technologies, Cobo enables secure and joint management of digital assets amongst multiple parties to ensure complete protection against security threats and human errors. By offering a robust alternative to the default self-custody approach in the Babylon protocol, Cobo's MPC custody solution eliminates the risk of single point of failures, thereby reinforcing the resilience of Babylon’s Bitcoin staking ecosystem.
As Chakra and Cobo join forces, they will focus on strengthening the security and liquidity management of BTC staked through Babylon Chain. This partnership aims to enhance yields for users in a secure manner and drive capital efficiency, pushing the boundaries of innovation in the Bitcoin staking landscape.
About Cobo
Cobo is a trusted leader in digital asset custody and wallet infrastructure, providing an all-in-one platform for organizations and developers to easily build, automate and scale their digital asset businesses securely.
Founded in 2017 and headquartered in Singapore, Cobo is a blockchain pioneer trusted by more than 500 leading digital asset businesses globally, safeguarding billions of dollars in assets. Cobo offers the industry’s only unified wallet platform that integrates four distinct digital asset wallet technologies – Custodial Wallets, MPC Wallets, Smart Contract Wallets, and Exchange Wallets. Committed to the highest security standards and regulatory compliance, Cobo has a zero-incident track record and holds ISO 27001, SOC2 (Type 1 and Type 2) certifications, as well as licenses in multiple jurisdictions. Recognized for its industry-leading innovations, Cobo has received accolades from prestigious entities such as Hedgeweek, Global Custodian, among others.
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About Chakra
Chakra Network is the first modular settlement layer designed to unlock Bitcoin's liquidity across diverse blockchain ecosystems. Chakra offers a high-performance and parallelized modular settlement solution for efficient liquidity flow across Layer 2’s, AppChains, and native BTC assets.
Chakra Network provides a shared settlement layer that enhances Bitcoin's integration into the broader blockchain landscape, enabling other BTC Layer 2 solutions to focus on execution without the complexities of building settlement infrastructure. This innovative approach unlocks interconnected liquidity and economic security, fostering a dynamic and vibrant ecosystem.
Layer 2 solutions and decentralized applications (DApps) benefit from Chakra's robust liquidity network effects, ensuring secure and scalable transaction processing. Chakra Network empowers Bitcoin ecosystem participants with the tools needed to drive growth and innovation within a secure, scalable, and interoperable framework.