Crypto exchange giant Kraken has announced that it has acquired investment manager and blockchain infrastructure company Staked. The details regarding the purchasing amount are still unknown.
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Kraken announced this Tuesday that after the acquisition, it has added Staked to its portfolio of yield products. The announcement said that Staked’s mission – to assist investors in earning interest from staking without abandoning custody of their crypto assets – coincides closely with Kraken’s goal of providing smooth and secured access to staking products and services. Staked eliminates significant entry barriers while allowing clients to optimize their profits by providing fine infrastructure.
Kraken defined the deal with the Staked as “one of the biggest crypto industry acquisitions.”
Jesse Powell, Chief Executive Officer (CEO) of the company, said that the staked users could have access to the portfolio of yield products by Kraken. Staked CEO Tim Ogilvie, on the other hand, emphasized the exchange’s “commitment to supporting proof-of-stake networks” as well as its track record in terms of user service and security in justifying the transaction.
As we gear up for 2022, Kraken is celebrating its continued growth and success with the expansion of its ‘staking’ tentacle through an acquisition of Staked.
🥳 Check out our blog for more details about this exciting deal! https://t.co/26WfBKqO3F pic.twitter.com/WP9pjjkueN
— Kraken Exchange (@krakenfx) December 21, 2021
Kraken staking business spiking
In March this year, as TheCoinRise reported, Kraken users were staking over $1 billion in crypto at that time. The crypto exchange stated that its staking business has increased by more than 950% year over year (YOY), reaching $16 billion in November. This could also be the result of availability of vehicles for investing in Ether (ETH) and earning staking rewards.
The exchange giant has bought a number of companies over the last few years, both related to and unrelated to its staking business. Since 2017, the firm has acquired Interchange, a provider of accounting and portfolio reconciliation services, Bit Trade, an Australian cryptocurrency exchange, and Cryptowatch, among others. Powell also signaled the possibility of the exchange going public before the end of 2022.
Kraken is also taking bold steps these days amidst the regulatory crackdown as the Chief Legal Officer of the company said that the pragmatic approach can help solve the problems. As TheCoinRise reported, Kraken has also recently listed Shiba Inu (SHIB) on its platform.
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