The deal marks the fifth of Kraken’s acquisitions this year, which have contributed to the 950% growth seen this year, according to the company
Crypto exchange Kraken said on Tuesday that it had completed the acquisition of Staked, a US-based non-custodial staking platform. Though the company did not reveal further details on the financials around the deal, it held that it was “one of the largest crypto industry acquisitions to date.”
With this new venture, Kraken plans to expand support for proof-of-stake networks and avail new innovative products on its platform for its customers.
Staked employees will remain onboard
Further, Staked CEO Tim Oglivie and his entire team would continue to work as part of the business. Kraken’s CEO and co-founder Jesse Powell spoke of the deal, voicing his excitement on Staked as one of the standout yield products as it has seen significant uptake from a considerable portion of crypto investors.
Welcoming Staked’s client base to its new home, he explained that Staked offered a highly complementary addition to Kraken’s business model. As such, it would facilitate the crypto exchange in reinforcing its product offering for customers that would keep hold 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.”
Staked offers customers non-custodial staking by which users can earn yield from their crypto assets without the need to necessarily relinquish them. Its incorporation would therefore complement Kraken’s custodial staking. Moreover, Staked gets to join an exchange with world-class infrastructure that optimizes user experience and eliminates the weighty barriers of entry.
Kraken has been adding crypto entities to its portfolio
Kraken’s staking business has seen some significant growth over the course of the year, recording a more than 950% growth in the period reaching November. The exchange’s staking business clocked $16 billion, with its clients receiving staking yields worth more than $500 million.
Noteworthy, Kraken’s endeavors into acquisitions and investments have played an enormous part in this growth. Over the last few years, the company has added Bit Trade, Circle Trade, CryptoFacilities, CryptoWatch, and other crypto companies onto its portfolio. Staked being the company’s fifth acquisition this year, Powell said that the company’s business has now evolved to offer something more to customers than just the custodial and trading services.
“We’ve become a holistic crypto platform with a diverse range of products that serves the needs of retail, professional, and institutional clients. Heading into the second decade in our company’s history, I’m excited about the future and Kraken’s continued support of the world’s shift to Web3 and DeFi.”
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Data Source: Tradingview.com