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Crypto exchange Kraken acquires staking firm Staked

21 Dec 2021 : 17:45
2 min read
  • Kraken has acquired a non-custodial staking platform, Staked
  • The acquisition is Kraken's fifth in 2021
  • Staked is a platform that allows investors in proof-of-stake networks to stake their tokens with them

Crypto exchange Kraken announced today that it has acquired staking platform Staked for an undisclosed sum.

The acquisition

Kraken has acquired a non-custodial staking platform, Staked, to provide an alternative to its custodial staking service, the crypto exchange announced on Tuesday. Kraken called the acquisition “one of the largest acquisitions in the crypto industry to date” but did not name the amount paid. The acquisition is Kraken’s fifth in 2021, a year in which its staking business has grown about 950% to nearly $16 billion.

“Kraken’s acquisition of Staked represents an exciting new chapter for us,” said Tim Ogilvie, CEO of Staked. “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.”

What is Staked?

Staked is a platform that enables investors in proof-of-stake networks to grow their holdings by staking their tokens in a non-custodial way. Currently, the platform supports Staking for ETH 2.0, Solana, Terra, Cardano, Polkadot, Cosmos, Helium, Elrond, and Polygon. According to the announcement, Staked’s mission – to help investors earn returns from staking without giving up custody of their crypto assets aligns closely with Kraken’s goal of providing seamless and secure access to staking products and services.

This year, the rise of proof-of-stake blockchains, combined with a sharp rise in prices, has led to much attention for the staking industry. Staking provider Figment for example recently raised $110 million in a Series C funding round at a valuation of $1.4 billion.

About Author

Stan Colenbrander

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Stan is the head of news and podcast host at Cryptonary. He was formerly a member of the Cryptonary Pro community. In early 2021, he decided to drop out of journalism school at university to pursue journalism in real life and make an impact in the crypto space. . His areas of interest include the NFT industry, decentralised finance, and crypto start-ups.

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