HomeCryptoKraken Exchange Acquires Non-Custodial Staking Platform Staked

Kraken Exchange Acquires Non-Custodial Staking Platform Staked

In what stands as its fifth acquisition for the yr, the Kraken buying and selling platform has acquired Staked, a non-custodial staking platform for an undisclosed sum.

As introduced by Kraken, the acquisition is arguably one of many largest acquisitions within the digital foreign money ecosystem to this point and can assist Kraken increase its at the moment established custodial staking service. 

Staked operates as a purposeful and non-custodial staking platform that permits buyers in Proof-of-Stake (PoS) networks to simply and securely compound their holdings. The platform permits all lessons of buyers, whether or not retail or institutional, to earn yields with out relinquishing their custody of the staked property.

“We are excited to add Staked to our portfolio of yield products, which has seen great uptake by a growing population of crypto investors,” mentioned Jesse Powell, CEO, and co-founder of Kraken. “Staked is highly complementary to our existing staking business and will allow us to further strengthen our product offering through world-class infrastructure for clients who prefer to retain custody of their staked assets,” Powell added.

Kraken has recorded spectacular progress up to now this yr with its staking service rising by as a lot as 950% to almost $16 billion in November. The firm’s mixed spot, margin and futures buying and selling quantity grew by over 430% in 2021, and the acquisition of Staked stays a strategy to increase its progress tracks because it stays one of many few buying and selling outfits that has earned a license to function as a financial institution within the U.S.

“We’ve become a holistic crypto platform with a diverse range of products that serves the needs of retail, professional, and institutional clients. Heading into the second decade in our company’s history, I’m excited about the future and Kraken’s continued support of the world’s shift to Web3 and DeFi,” Powell added.

Image supply: Shutterstock

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