Within the first 10 hours of launch, the Kraken Earn BTC Vault raked in $30 million worth of Bitcoin deposits from 4,000 unique wallets.
Crypto exchange Kraken has launched a non-custodial Bitcoin product, giving a 2.5% yearly yield, adding to the company’s yield product offerings amid a rising investor demand for crypto reward products.
Kraken unveiled the product on Wednesday with the support of crypto yield infrastructure provider Veda, which said the offering seeks to remove “the headaches that come with wrapping Bitcoin, moving assets, or managing a crypto wallet.”
Kraken’s offering comes as Bitcoin (BTC) holders’ demand for yield products has risen, but have seen limited development as the Bitcoin blockchain does not have mechanisms for users to generate yield compared to blockchains such as Ethereum and Solana.
