Kraken Acquired Crypto Staking Platform Staked To Expand Further

Kraken acquired crypto staking platform Staked for an undisclosed sum which would be its fifth major acquisition in 2021 in order to expand further as we can see more today in our latest cryptocurrency news.

Kraken is stepping up its game especially after a successful year it had, now the US exchange decided to close 2021 with the acquisition of Staked and expanded its token staking capabilities, and generally improved the quality of the service. Staked is a non-custodial crypto staking platform that facilitates the secure storage of the assets while providing attractive yield options for investors. According to the press release shared by the team, Kraken acquired crypto staking platform Staked for an undisclosed sum and the clients will now become Kraken clients across the board.

That is having a few projects running parallel so Kraken will condense the services onto the platform. Jesse Powell and CEO of Kraken was optimistic about the acquisition and said that this move will be strategic for the future of this exchange:

“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”.

Tim Ogilvie who is the CEO of Staked said that the union is logical as both parties shared similar goals. After the acquisition, the users would benefit dramatically from Staked’s options and other services to which they will have access thanks to the Technology Kraken has. The acquisition of Staked plays a huge role in Kraken’s race to conquer the US market and with other exchanges investing money to attract audiences with innovative propositions, Kraken took a less aggressive approach and focused on strengthening the infrastructure.

Staked will be Kraken’s fifth acquisition in 2021 and the exchange saw overall growth of about 430% but the staking services increased 950% in the same time. Staking rewards already reached $500 million distributed to the investors. Kraken is positioning itself as a major player in the US market for the staking services. For example, Galaxy digital acquired BitGo and Coinbase launched staking services in 2020. Kraken hinted at its interest in following the Coinbase path and going public. The reports show that Kraken’s CEO Jesse Powell considered the idea of coordinating an IPO instead of a direct listing.

Other exchanges that were looking to expand their influence in the US, such as Binance US, FTX, and Crypto.com so the users have plenty of options to choose from.