Kraken rolls out Bitcoin vault product for holders to earn yield

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About 10 hours after the launch, Veda said the Bitcoin yield product had passed $30 million worth of Bitcoin deposits from 4,000 unique wallets. Kraken’s three stablecoin yield products that it launched in January have exceeded around $245 million in customer deposits and generated over $2.2 million in yield since launching on Jan. 26. Related: Coinbase, Apex Group tokenize Bitcoin Yield Fund on Base Kraken’s product generates yield from Bitcoin by swapping it to Kraken Wrapped Bitcoin (kBTC), a token replicating Bitcoin’s price, which crypto platform Sentora then allocates across crypto lending platforms such as Aave, Morpho and Tydro. The product is non-custodial, meaning only depositors can withdraw or transfer their funds. Withdrawals are estimated to take five days to process, and the service providers take a 25% performance fee on rewards. Magazine: Big Questions: Do we really only need 2–5 cryptocurrencies? More on the subject

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