Summary
- Kraken said it has launched a new DeFi-based deposit product, “DeFi Earn,” in the U.S., the European Economic Area (EEA) and Canada.
- The product offers an annual yield (APY) of up to 8%, and is designed to allow centralized exchange users to access DeFi-based yield products without separate on-chain procedures, it said.
- Kraken said DeFi Earn provides a more convenient opportunity to generate DeFi yields, while noting that temporary withdrawal delays may occur in the event of liquidity shortages.
According to The Block, a cryptocurrency-focused media outlet, on the 26th (local time) cryptocurrency exchange Kraken launched a new deposit product, “DeFi Earn,” which uses decentralized finance (DeFi), in the United States, the European Economic Area (EEA) and Canada.
The outlet said the product offers an annual percentage yield (APY) of up to around 8%. It is designed to allow centralized exchange users to access DeFi-based yield products without separate on-chain procedures.
Kraken said, “Through DeFi Earn, we aim to provide users with an opportunity to generate DeFi yields more easily.” Withdrawals are generally processed immediately upon user request, but Kraken explained, “Unlike centralized systems, the nature of DeFi’s structure means that temporary withdrawal delays may occur if liquidity shortages arise.”
The product launch is seen as part of a broader trend of centralized exchanges expanding deposit and yield offerings by leveraging DeFi infrastructure.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
