The digital exchange, Kraken announced the acquisition of Staked, a leading infrastructure platform that allows secure and non-custodial cryptocurrency staking, today. Kraken highlighted the growing population of cryptocurrency investors around the world and mentioned the need for an expanded portfolio of yield products.
The digital exchange called the recent acquisition ‘one of the largest deals’ in the history of crypto. According to the company, the clients will be able to earn rewards on their cryptocurrency assets. Additionally, Kraken is planning to develop innovative staking products through the infrastructure of Staked.
“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. “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.”
Kraken saw a surge in trading volumes and the total number of cryptocurrency users during 2021. As a result, the company introduced several initiatives to support the growing adoption of digital assets. Earlier this month, Kraken Ventures secured $65 million to support innovation in crypto and financial technology.
Crypto Staking
Digital exchanges around the world have introduced several products to capture the growing market of cryptocurrency staking in 2021. Through the acquisition of Staked, Kraken aims to diversify its products and services.
“The success of our staking business demonstrates that Kraken has evolved into much more than a custodian and trading venue,” said Powell. “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.”
