Kraken, a popular crypto exchange and blockchain asset platform, today announced it has acquired Staked for an undisclosed sum. Staked is a non-custodial staking platform that enables investors in Proof-of-Stake networks to compound their holdings with ease.
For Kraken, this acquisition bolsters its staking offering by expanding the number of supported networks and enabling a non-custodial alternative to Kraken’s existing custodial staking service.
“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. “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.”
The Kraken team reports that its combined spot, margin, and futures trading volume has grown by over 430% in 2021. Also, since the start of the year, Kraken’s staking business has grown by more than 950% to near $16 billion in November, resulting in token rewards valued at more than $500 million paid out.
“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.”