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Seeking Alpha 2022-04-27 14:36:46

BTCS adds blockchain lending protocol Kava to its staking platform

In an effort to accelerate the development of its staking-as-a-service platform, BTCS (NASDAQ:BTCS) on Wednesday has added Kava (KAVA-USD), a layer-1 blockchain lending protocol, to its infrastructure operations. Kava (KAVA-USD) primarily allows users to borrow stablecoin USDX as well as deposit a variety of cryptocurrencies to earn a yield. BTCS (BTCS) is holding 250,543 Kava (KAVA-USD) tokens with a fair market value of approximately $1.3M, the company said. Also, “Kava’s cross-chain infrastructure speaks to a major part of the BTCS mission because it runs on two different Proof-of-Stake blockchain networks already supported by our infrastructure operations – Cosmos (ATOM-USD) and Ethereum (ETH-USD),” said BTCS CFO Michael Prevoznik. Previously, (April 20) BTCS added Polygon (MATIC-USD) to its blockchain infrastructure.

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