Canadian crypto exchange Bitrue has partnered with Babylon Labs to launch a new Bitcoin-native staking rewards program.
The exchange’s users can now stake Bitcoin directly on the platform without relying on bridges or smart contracts. Per the announcement, Babylon Labs’ staking solution enables Bitcoin holders to earn rewards through Babylon Points, a system akin to other popular staking protocols like EigenLayer on Ethereum and Solana. In addition to Babylon Points, users will also earn Bitcoin rewards at an annual percentage rate (APR) of 2.3% on their staked BTC.
Bitrue claims that integrating this feature provides a seamless experience for users to stake their Bitcoin while retaining custody of their assets in a secure way. Users can track their Babylon Points and rewards directly on their dashboard on the exchange platform. It also added that the move offers its users multiple passive income streams.
Adam O’Neill, Chief Marketing Officer at Bitrue, highlighted the potential of this innovation in DeFi, noting that Babylon Labs is unlocking new opportunities for both consumers and developers.
“DeFi continues to be a huge growth area for the web3 industry, and while many thought that such a service would be impossible on Bitcoin, its imminent launch showcases the unlimited potential for innovation in this sector,”
O’Neill noted.
Meanwhile, earlier this year, Bitrue launched a $40 million fund through its investment division, Bitrue Ventures, to support Web3 startups and developers. The fund offered grants of up to $200,000, focusing on AI, real-world asset tokenization, GameFi, decentralized physical infrastructure networks, and DeFi.
The exchange noted that the initiative was founded on research and prior investments in Cardano-based projects such as WingRiders and Liqwid Finance. Along with the capital investment, the recipients of the fund also gain access to various resources to support their projects. These resources include development expertise, industry connections, and management support.
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