Crypto exchange Kraken acquires Staked to improve reward offerings
The deal will offer more options for Kraken users who want to manage their own funds
Popular cryptocurrency exchange Kraken announced earlier today that it has completed the acquisition of Staked, a blockchain infrastructure platform that allows secure, cost-effective, and non-custodial crypto staking.
The deal will enhance Kraken’s current reward programs and allow clients to earn incentives without giving up any control over their digital assets.
While the platform called the deals “one of the largest in the history of crypto”, the exact amount spent on the acquisition remains undisclosed. Adding Staked to the portfolio of yield products offered by Kraken is in line with its goal to achieve a $10 billion valuation.
Staked has seen a 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.”
The acquisition represents a new chapter for Staked, CEO Tim Ogilvie said. He added that the two companies’ common commitment to supporting proof-of-stake networks, having a security-first mindset, and unwavering focus on customer experience makes the deal ideal.
The deal will also offer more options for Kraken clients who believe in the ‘not your keys, not your coins’ philosophy to manage their funds and retain custody over their crypto. Staked’s top-class staking infrastructure will also allow Kraken to engage in the development of innovative staking products in order to and expand the number of proof-of-stake networks supported on the platform.
The success of Kraken’s staking business has established that the company is more than just a trading venue, Powell said. The company seeks to evolve into a holistic crypto platform with a diverse range of products for retail, professional and institutional clients, the CEO concluded.