Institutional crypto staking platform Kiln has introduced "Kiln DeFi," a new service designed to simplify access to stablecoin rewards and allow users to generate additional yield from their digital assets.
This service addresses the complexity and security risks associated with directly interacting with DeFi protocols by providing a streamlined, non-custodial alternative.
Crypto.com’s DeFi Wallet is the first to integrate with Kiln DeFi, enabling its users to earn stablecoin rewards through leading DeFi lending protocols such as Aave, Morpho, and Compound directly within their wallet.
This integration marks a significant advancement in providing users with easier and more transparent access to DeFi opportunities.
Laszlo Szabo, co-founder and CEO of Kiln, emphasised that offering non-custodial reward opportunities for stablecoins is crucial for democratising digital asset value creation.
By simplifying the process of earning rewards through established borrowing and lending protocols, Kiln DeFi aims to eliminate complexity and empower users and integrators.
The stablecoin market has a total capitalisation exceeding $171 billion, with DeFi protocol stablecoin reward rates ranging from 4.5% to 8% on reputable decentralised lending platforms.
Esther Wong, SVP of Crypto.com, highlighted that integrating Kiln DeFi with their non-custodial web3 wallet enhances their commitment to providing users with greater transparency and easier access to DeFi opportunities.
This integration allows users to confidently and easily earn yield on their assets through additional stablecoin reward options.
Kiln’s staking platform is known for allowing institutional clients to stake assets and offer white-label solutions.
The majority of Kiln’s staked assets are on Ethereum (CRYPTO:ETH), totaling over $3.9 billion, according to Dune Analytics.
Kiln is also the largest operator of Ethereum validator nodes, representing approximately 4.4% of the Ethereum network.
The platform supports staking smaller amounts by pooling stakes to meet the 32 ETH minimum requirement, offering an alternative to similar options from liquid staking protocols like Lido and Rocket Pool.
Kiln recently closed a $17 million funding round led by 1kx, with participation from Crypto.com, IOSG, Wintermute Ventures, KXVC, and LBank, bringing its total funding to $35 million.
This funding will support Kiln’s global expansion plans, enhancing its ability to deliver innovative staking and DeFi solutions.