Kraken, a major U.S.-based cryptocurrency exchange, has launched a Bitcoin staking service through its integration with the decentralized finance protocol Babylon. The new offering allows users to stake their Bitcoin natively without the need for bridging, wrapping, or lending, which is a first for Bitcoin staking on the platform. Participants can earn rewards paid in Babylon's native token, BABY, with an annual percentage rate of up to 1%. The service features unlimited staking and weekly payouts. It is available to users in the U.S. (excluding certain states), the UK, Australia, and the UAE. The staking mechanism involves time-locking native Bitcoin to support Babylon's proof-of-stake network, providing a streamlined way for Bitcoin holders to earn yield on their assets.

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