Cryptocurrency Exchange Kraken today announced the release of Bitcoin (BTC) that remained in a new integration with Babylon Bitcoin betting protocol.
Integration allows Kraken customers to gain passive rewards in their BTC without bridging, wrapping or lending it.
Starting today, Kraken customers can choose to participate in their Bitcoin directly from Kraken through an integration with Babylon Bitcoin betting protocol. The BTC is locked in a treasury in the intrinsic Bitcoin chain and is transmitted to ensure proof of participation networks through the Babylon protocol. Bitcoin rewards are paid to the baby, the inherent sign of Babylon’s birth, the first L1 network to be overloaded by Bitcoin.
“A significant quantity of bitcoin is in inactivity today in our exchange, representing a significant opportunity cost for customers and a missed opportunity for the wider ecosystem,” said Mark Greenberg, a world -class consumer head. “With this launch, customers can now earn a performance in their BTC, while allowing emerging POS chains to take advantage of Bitcoin’s financial burden to validate transactions and enhance the safety of their networks.”
“Kraken’s integration with Staking Bitcoin Babylon Bitcoin protocol shows how confidence, Bitcoin Staking can work on a scale,” said Clayton Menzel, head of business development in Babylon workshops. “By mooring the BTC in the native chain and transferring it to POS networks, Kraken customers can eventually win rewards without bridges or wraps, helping to maintain the unstable security and domination of Bitcoin.
BTC holders’ betting never leave the blockchain bitcoin. The betting mechanism is governed by Bitcoin scenarios and betting rewards are treated by logic in the chain in Babylon’s birth, publicly verified by users and third parties. The Staking BTC protocol also includes cryptographic safeguards to prevent and punish malicious behaviors. Customers can disconnect their BTC at any time, with ~ 7 days of unauthorized period before the funds are available for withdrawal.
The Staking BTC product is available today on all Kraken platform interfaces, including Kraken and Kraken Pro.