Kraken has announced the completion of the deal to acquire non-custodial staking platform, Staked in a deal that has been touted as one of the largest deals in the crypto industry and one that will help the former support growth and resilience.
The Leading Provider of Staking Services
Kraken’s acquisition of Staked sees the former cement its position in the market as one of the leading providers of staking services to consumers and businesses alike. The deal significantly expands the number of supported networks while also offering a non-custodial alternative to Kraken’s already existing custodial staking service.
Staked enables investors in Proof-of-Stake networks to compound their holdings easily and securely. CEO and co-founder of Kraken, Jesse Powell, while commenting on the acquisition, stated,
“We are excited to add Staked to our portfolio of yield products, which has seen great uptake by a growing population of crypto investors. 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. We’re excited to welcome Staked’s clients to Kraken and believe that they will benefit from access to our wider portfolio of products as they seek to broaden their engagement with digital assets.”
On A Similar Path
Staked has stated that its primary goal is to enable investors to earn yield from staking without surrendering custody of their assets. Kraken believes that this goal seamlessly aligns with its own goal of secure and seamless access to a host of staking services and products. Staked ensures the removal of significant barriers to entry through world-class infrastructure.
CEO of Staked, Tim Ogilvie, while talking about the developments, stated,
“Kraken’s acquisition of Staked represents an exciting new chapter for us. Kraken clearly shares our commitment to supporting proof-of-stake networks, having a security-first mindset, and unwavering focus on customer experience, which makes them an ideal partner. Combining our businesses will enable us to provide a more seamless experience and expand our product offering to meet our clients’ needs in staking and beyond.”
Becoming The Go-To Platform For Investors
Kraken has already made four acquisitions in 2021, with Staked being the fifth acquisition of the year. The acquisition of Staked is being seen as a significant milestone in Kraken’s efforts to become the platform of choice for retail and professional investors.
In 2021 alone, Kraken has seen a growth of over 400% in its combined margin, spot, and futures trading volumes, while its staking arm has seen a staggering growth of 950%, growing to almost $16 billion in November. This unprecedented growth has also seen rewards worth over $500 million being paid out to clients.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.