Look who's getting into the staking game! Kraken, the U.S. crypto giant, is now letting users stake their Bitcoin. Yes, you read that right: Bitcoin, the "non-stakable" digital asset, can now be locked up on Kraken’s platform to earn rewards in BABY tokens. No, that’s not a typo, it’s really called BABY. I mean, it is kind of cute, right?
According to Kraken’s blog post, this move is a game changer, because apparently, a lot of Bitcoin has been "sitting idle" on their exchange, like that one friend who always shows up but never contributes to group projects. Mark Greenberg, Kraken’s Global Head of Consumer, shared his enthusiasm with the world:
“A substantial amount of Bitcoin currently sits idle…representing a significant opportunity cost for clients.” In other words, Kraken’s saying, “Hey, why not let that Bitcoin actually do something for once?”
Babylon Technology
The feature will be available to Kraken customers in the U.S. (excluding a list of states that’s almost as long as your crypto portfolio) as well as in the U.K., Australia, and the UAE. For those who have been waiting for this moment, it’s time to get your BTC off the sidelines and into the action, earning rewards through the Babylon protocol.
But wait, Bitcoin isn’t even a proof-of-stake (PoS) coin. It uses proof-of-work (PoW), which is just a fancy way of saying, "it’s not ready for this kind of action." But Babylon’s technology lets Kraken customers stake their BTC as collateral to support proof-of-stake networks. Basically, Bitcoin’s now moonlighting as a collateral bodyguard for other PoS blockchains. How lovely.
And hey, Kraken’s been getting some good press lately. The SEC decided not to rain on their parade, and they’ve even started offering stocks and ETFs in certain states, so you can trade your crypto, buy some stocks, and feel like a true financial wizard.
So, go ahead, stake your Bitcoin, earn some BABY tokens, and let your crypto portfolio start working for you. After all, if Bitcoin can sit idle for years, it’s about time it started earning its keep.
Abimbola Adu
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