Cryptocurrency exchange Kraken acquires staking platform Staked

The acquisition of Staked marks Kraken's fifth deal of the year and will be used to develop new staking products for customers

Cryptocurrency exchange Kraken announced on Tuesday that it had acquired non-custodial staking platform Staked to expand on its array of staking products.

The staking platform was acquired for “an undisclosed sum” according to Kraken, who went on to say that the deal was “one of the largest crypto industry acquisitions to date”.

The acquisition of Staked marks Kraken’s fifth in 2021, and reinforces the companies strategy of becoming the “crypto portal of choice for both retail and professional investors”.

Staked’s existing staking infrastructure now enables Kraken to develop new products for its entire customer base and also expand the number of proof-of-stake networks supported on the exchange.

In addition, it allows the exchange to bolster its non-custodial staking offerings and diversify its existing array of custodial products.

The acquisition could also signal the exchange’s bid to become the leading ‘ETH2’ depositor. Kraken already holds two of the five top spots by Ethereum deposited to the ETH 2.0 contract and with the addition of Staked’s existing ‘ETH2’ pool, it will further bolster its already hefty position.

“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.

“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 and believe that they will benefit from access to our wider portfolio of products as they seek to broaden their engagement with digital assets.”

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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