Kraken Launches Non-Custodial Bitcoin Yield Product with 2.5% Annual Return
- Kraken introduced a non-custodial Bitcoin product offering a 2.5% yearly yield.
- The product, supported by Veda, aims to simplify the process of earning yield on Bitcoin.
- Within ten hours of launch, it attracted over $30 million in deposits from approximately 4,000 unique wallets.
- Kraken’s existing stablecoin yield products have generated over $2.2 million in yield since their launch.
- Withdrawals from the new product are estimated to take up to five days and incur a 25% performance fee on rewards.
This launch responds to increasing demand among Bitcoin holders for straightforward earning options, particularly as traditional yield mechanisms are limited on the Bitcoin blockchain compared to others like Ethereum.
With over $30 million in deposits shortly after its release, Kraken’s new product highlights significant interest in crypto yield opportunities among investors. (Source)
