Kraken introduces Rewards, a new program on Kraken Pro
Kraken introduces Rewards, a new program on Kraken Pro
The Kraken crypto exchange offers its users the opportunity to earn rewards and make money on 18 different cryptocurrencies, including Ether (ETH), Polkadot (DOT), Solana (SOL), and Cardano (ADA).
The rewards allow traders to expand their crypto holdings and increase profits over time. The new program on Kraken Pro works in conjunction with the existing suite of portfolio management tools.
"Get rewarded for assets held on your spot balance without locking them up or being subject to any bonding periods," Kraken said in a blog post.
The cryptocurrency exchange has launched a new feature called "Rewards" that allows crypto asset owners to earn passive income effortlessly. This innovative feature allows them to earn rewards on the cryptocurrencies in their spot balance without having to lock them.
Unlike traditional methods that require users to manually manage their portfolio, Rewards automates this process by simplifying the way assets are handled. As a result, assets can be accessed at any time for trading, withdrawals, or use as margin collateral if such actions are allowed in the user's region.
Rewards currently supports 18 different cryptocurrencies, including Ether (ETH), Polkadot (DOT), Solana (SOL), and Cardano (ADA). Rewards are accrued daily, and payouts are automatically distributed to users' accounts on a weekly basis. In addition, the interest rates on Rewards are the same as the Flex Stake rates available on the Kraken Pro platform.
The sign-up steps are easy to complete. To sign up, users can simply go to the Kraken Pro website or mobile app, go to the "Portfolio" section, and click on the "Start Earning Now" button.
Note that, due to regulatory restrictions, the Rewards program is not available in the United States or certain other geographic regions.
The benefits of the Kraken Pro rewards program are:
1. Retain instant access to all assets for trading, withdrawals, or use as margin collateral.
2. Unlike staking, there are no bonding periods.
3. Automatic compounding of assets.
The launch of the Rewards program is seen by Kraken as a strategic move to increase user engagement and support the broader cryptocurrency ecosystem through convenient and fast transaction confirmation. The new feature could increase the user base, driving growth and innovation in the cryptocurrency market.
Also read: Spot market battle between two crypto giants has impact on BTC price
