US Cryptocurrency Exchange Kraken Takes Over Custody-Free staking platform Staked

Kraken, the world’s largest cryptocurrency exchange, announced the acquisition of blockchain framework and investment management firm Staked for a confidential sum. Kraken — the cryptocurrency exchange striving for a $10 billion value — stated Tuesday that it has included Staked to its array of yield offerings after the takeover. The business hailed the Staked purchase as “one of the biggest in the cryptocurrency sector to date,” but won’t reveal the value.

Staked customers will gain access to Kraken’s array of yield offerings, as per Kraken CEO Jesse Powell. Staked CEO Tim Ogilvie emphasized the exchange’s “willingness to support proof-of-stake platforms” and also its past record in terms of user service and safety in justifying the transaction. The cryptocurrency exchange said that its staking activity has increased by over 950% year over year, reaching $16 billion last month. This might have been partially inspired by the availability of instruments for investing in Ether (ETH) and earning staking rewards.

Kraken has purchased a number of firms in the past several years, both connected to and unrelated to its staking operations. In the last four years, the business has acquired Interchange, a supplier of accounting and portfolio reconciliation services, Bit Trade, an Australian cryptocurrency exchange, and Cryptowatch, among others. Powell also floated the idea of the exchange going public before the end of next year.