We are pleased to announce the launch of Bitcoin (BTC) through a new integration with Babylon, Bitcoin-Native’s staking protocol. This integration allows clients to earn passive rewards for BTC without bridges, wraps or lending.
Starting today, clients can choose to wager BTC directly from Kraken. Their BTC is delegated through Babylon to ensure a stake (POS) network of certification. Bitcoin rewards with piles are paid in Babylonian native token, $baby.
The client holds full ownership of BTC and will not leave the Bitcoin blockchain. The staking mechanism is dominated by smart contracts, allowing users and third parties to see how rewards are handled. The BTC staking protocol also includes cryptographic protection measures that block and punish malicious behavior. Clients may not bet at any time for an unrelated period of seven days until the funds are returned.
This launch marks a significant expansion of our growing staking suites, further strengthening our leadership in product innovation. We were one of the first crypto exchanges to introduce custody rights in 2019, allowing millions of users to earn rewards through the acquisition platform.
Kraken Global Head of Consumer Mark Greenberg: “A significant amount of Bitcoin is currently sitting idle in exchange, representing the missed opportunity costs for clients and the opportunity of a wider ecosystem.
BTC staking products are available today on all platform interfaces, including Kraken and Kraken Pro.
Geographical restrictions apply. The projected annual rate is an estimate based on average staking rewards that occurred prior to the committee and in the past period and is subject to change. Staking includes risks such as no guaranteed compensation, potential losses from thrashing or hacking, and depreciation of the value of the asset during piling. See Kraken’s terms of service For more information.
