Crypto Exchange Kraken Adds Native Bitcoin Staking via Babylon Integration
Crypto exchange Kraken has launched bitcoin
staking through a new integration with Babylon, as decentralized finance on BTC picks up.
Babylon is a Bitcoin-native protocol that enables BTC to secure proof-of-stake (PoS) networks without leaving the blockchain.
The service allows Kraken users to stake their bitcoin directly, locking it in a custodial vault on the native chain. The staked bitcoin is then delegated to PoS networks via Babylon, and rewards are paid in BABY, the token of Babylon Genesis, a bitcoin-secured Layer 1, Kraken said.
Bitcoin has historically been used as a store of value and a medium of exchange. The advent of novel security sharing protocols has made BTC staking a third native use case, bitcoin DeFi, for the world’s…
