Kiln Launches Kiln DeFi to Enable Stablecoin Rewards, Starting with Crypto.com

(PRESS RELEASE – Paris, France, August 6, 2024)

Today, Kiln, the leading enterprise-grade staking platform, announces the launch of Kiln DeFi, a new service for Kiln integrators. Kiln DeFi enables integrators to facilitate stablecoin rewards by providing seamless access to leading DeFi lending protocols like Aave, Morpho, and Compound. Leveraging this infrastructure, integrators can easily provide their users with access to stablecoin rewards offered by DeFi lending protocols via native workflows within their wallets or platforms. Kiln DeFi enhances its recent initiatives by simplifying access to retaking, allowing Kiln dApp users to generate additional value from their digital assets in all market conditions.

After years of working with integrators, the Kiln team has gained a deep understanding of the challenges they face, such as limited front-end resources and a lack of expertise in staking and DeFi. To address these issues, Kiln recently launched the Kiln Widget, which allows customers to integrate in a day using just five lines of code.

The first integrator to launch with Kiln DeFi is Crypto.com DeFi Wallet, a leading non-custodial crypto wallet focused on accessing DeFi protocols. This collaboration highlights the practical benefits and seamless integration capabilities that integrators can leverage by leveraging the Kiln DeFi infrastructure.

Laszlo Szabo, Co-Founder and CEO of Kiln, responded to the announcement by saying: “Access to non-custodial rewards opportunities for stablecoins is a critical step in our vision to democratize value creation for digital assets. By enabling our customers to seamlessly facilitate rewards through best-in-class borrowing and lending protocols, we are removing another layer of complexity for users and our integrators and enabling them to access the benefits of DeFi.”

Esther Wong, Senior Vice President of Product at Crypto.com, said: “The integration with Kiln DeFi represents another important step in our commitment to providing our users with greater transparency and easier access to DeFi opportunities. Offering more stablecoin reward options will allow our users to earn yield on their assets with confidence and ease.”

According to Defi Llama, the total stablecoin market cap reached $162 billion in July 2024, the highest level since May 2022. This indicates increased interest in the stablecoin market. With recent market conditions, DeFi protocol stablecoin reward rates have reached 20%, representing an attractive opportunity for Kiln users and integrators.

Currently, to earn rewards on stablecoins, users must interact directly with DeFi lending protocols, which can be complicated, time-consuming, and pose security risks for many users. Users can also opt for custody or active management products, which can increase regulatory risk and associated fees. Kiln DeFi addresses these challenges by providing integrators with a solution that seamlessly manages the complexities of engaging with DeFi lending protocols.

The launch of Kiln DeFi follows the recent closing of Kiln’s $17 million funding round led by 1kx and the opening of its APAC headquarters in Singapore.

About Crypto.com

Founded in 2016, Crypto.com is trusted by over 100 million customers worldwide and leads the industry in regulatory compliance, security, and privacy. Our vision is simple: Crypto in Every Wallet™. Crypto.com is committed to accelerating the adoption of cryptocurrency through innovation.

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About Kiln

Kiln is the leading rewards management platform for staking and digital assets, enabling institutional clients to earn rewards on their digital assets or integrate white-label earning features into their products. Kiln runs validators on all major PoS blockchains, with over $8.6 billion in crypto assets programmatically staked and running over 4% of the Ethereum network on multi-client, multi-cloud, and multi-region infrastructure. Kiln also provides a suite of validator-agnostic products for fully automated validator deployment and reporting and fee management, enabling custodians, wallets, and exchanges to streamline staking or DeFi operations across providers. Kiln is SOC2 Type 2 certified.