Kraken has announced the launch of a Bitcoin staking feature, allowing users to lock their BTC on the platform and earn rewards in the $BABY token, which is the native token of the Babylon staking protocol. This initiative aims to address the issue of idle Bitcoin held on Kraken's exchange, providing customers with the opportunity to earn returns while contributing to the security and transaction validation of emerging proof-of-stake networks. The staking service will be available in the U.S. (except for states like California and New York), the U.K., Australia, and the UAE. Mark Greenberg, Kraken's Global Head of Consumer, emphasized the significance of this product for clients and the broader crypto ecosystem. The offering comes after Kraken faced regulatory scrutiny in the past, having settled with the SEC regarding a previous staking service, now providing an administrative support structure for staking operations on the blockchain.

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