Benzinga | Jul 8, 2021 10:31AM EDT

Crypto of the Day: Stacks (STX)

Stacks (CRYPTO: STX) is a platform aiming to bring increased smart contract functionality to Bitcoin's blockchain.

What happened: While the majority of the crypto market is bleeding today, STX/USD is up 13% and STX/BTC is up a modest 21%.

Unlike Ethereum (CRYPTO: ETH), Bitcoin's blockchain is not a turing-complete virtual machine, it's primarily a database for transactions.

While Bitcoin (CRYPTO: BTC) can handle some basic smart contract functionalities, Stacks aims to make Bitcoin a viable competitor to the Ethereum blockchain.

With investments from Y Combinator, Winklevoss capital and Digital currency group, Stacks' native asset, STX, has made its way into the top 100 cryptocurrencies by market capitalization.

Stacks currently has a market cap of $1.3 billion and $432 million locked on the platform.

On Wednesday, July 7th Stacks released their Q2 recap and announced new goals.

See also: How to buy Bitcoin

You can buy Stacks on Binance, Crypto.com and KuCoin.