Kraken rolls out Bitcoin vault product for holders to earn yield

Crypto exchange Kraken has introduced a non-custodial Bitcoin yield product that provides users with a 2.5% yearly return. Developed in collaboration with infrastructure provider Veda, the product allows Bitcoin holders to earn rewards without the complexities of manual asset wrapping or wallet management. The process works by converting Bitcoin into Kraken Wrapped Bitcoin (kBTC), which is then deployed across lending platforms such as Aave, Morpho, and Tydro. In its first ten hours, the product secured over $30 million in deposits from 4,000 wallets. The service is non-custodial, carries a 25% performance fee on rewards, and requires a five-day processing period for withdrawals.

(Source：Cointelegraph)