Kraken has launched a Bitcoin staking service in partnership with Babylon, allowing users to earn BABY tokens.
Crypto exchange Kraken has launched a new Bitcoin staking product through a protocol integration with Babylon Labs.
In a Thursday announcement, Kraken said it has partnered with the Bitcoin (BTC) staking protocol Babylon to launch its new service. The integration allows the exchange’s users to earn interest on their Bitcoin holdings without the need for bridging, wrapping or lending it out.
Kraken customers can use the new service starting today by staking their Bitcoin without interacting with off-exchange wallets. The Bitcoin is locked in a vault on the Bitcoin blockchain and delegated to secure proof-of-stake (PoS) networks through the Babylon protocol.
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