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Kraken gears up to expand its product offer and acquires staking platform Staked Kraken gears up to expand its product offer and acquires staking platform Staked

Kraken gears up to expand its product offer and acquires staking platform Staked

The major exchange announced acquiring the non-custodial staking startup for an undisclosed sum–in a bid to attract clients who prefer to retain custody of their staked assets.

Kraken gears up to expand its product offer and acquires staking platform Staked

Cover art/illustration via CryptoSlate

Kraken recently announced the acquisition of the non-custodial staking platform Staked, which is set to boost the crypto exchange’s product offer.

The move will enable the exchange to expand the number of supported networks and offer a non-custodial alternative to Kraken’s current custodial staking service.

Kraken stretches its ‘staking’ tentacle 

The acquisition of non-custodial staking platform Staked, which allows investors in Proof-of-Stake networks to compound their holdings, counts as Kraken’s fifth acquisition this year.

“We are excited to add Staked to our portfolio of yield products, which has seen great uptake by a growing population of crypto investors,” said Jesse Powell, CEO and co-founder of Kraken, adding that Staked is “highly complementary” to the exchange’s existing staking business.

The move will facilitate Kraken to expand the number of supported networks but also enable their customers to earn yield from staking without foregoing custody of their crypto 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,” added Powell.

“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,” said Tim Ogilvie, CEO of Staked.

Becoming a holistic crypto platform

The acquisition of Staked aligns with Kraken’s strategy to become “the crypto portal of choice” for both retail and professional investors. 

During this year, the exchange’s combined spot, margin, and futures trading volume has grown by over 430%.

Since the beginning of 2021, Kraken’s staking business is up more than 950%, growing to nearly $16 billion in November. 

“The success of our staking business demonstrates that Kraken has evolved into much more than a custodian and trading venue,” said Powell, revealing his vision for the exchange to become a “holistic crypto platform.”

“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,” he added.

Kraken’s CEO recently hinted that the exchange could be launching its own NFT marketplace soon.

Posted In: , Exchanges, Staking

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