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Crypto exchange Kraken takes over staking service Staked

 


The crypto exchange Kraken has acquired the Staked platform to provide an alternative to its own staking service. According to their own admission, it is one of the largest crypto exchange deals ever.

The Kraken crypto exchange announces the takeover of the staking platform Staked. The purchase price remains unmentioned in the notification. Still, it is said to be one of the largest takeovers in the crypto industry to date. In any case, the deal consolidates the Exchange's position as the leading provider of staking services for private and institutional investors. In addition to the custodial staking service of the crypto exchange, the non-custodial alternative of staked is added. Staked enables its investors to generate returns from staking without giving up custody of their crypto assets. Kraken now wants to integrate this service seamlessly into its portfolio.


Kraken with great staking growth in 2021

This is the fifth acquisition of Kraken in 2021. And that in a year in which the staking business has grown by around 950 percent to almost 16 billion US dollars, according to the company. This resulted in more than $ 500 million worth of token rewards being paid out to customers.


We look forward to welcoming Staked customers to Kraken. We believe they will benefit from our broader product portfolio if they want to expand their exposure to digital assets. 

says Kraken CEO Jesse Powell about the acquisition. There were similar takeovers among the competition: In May, Galaxy Digital bought the crypto custody service BitGo for around $ 1.2 billion. 

Looking ahead to the second decade of our company's history, I look forward to the future and to Kraken continuing to support the global move to Web3 and DeFi 

Powell continues. He even has plans for stock trading. Staked CEO Tim Oglivie has meanwhile confirmed that the entire team will continue to be part of the company even under Kraken's new ownership.

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