Kraken Acquires a Cryptocurrency Staking Platform To Expand Its Services

Kraken is increasing its crypto game. The U.S. exchange closed 2021 after a successful year. It acquired Staked to expand its token staking capabilities, and improve the quality of its services.

Staked is a non custodial crypto staking system that facilitates secure asset storage and attractive yield options for investors.

Acquisition that makes sense

According to a P.R. The Kraken team shared a P.R.

Kraken will consolidate all services into its platform, so instead of running multiple projects simultaneously, Kraken’s CEO and co-founder Jesse Powell expressed optimism about the acquisition, saying that it could be a strategic move for the future.

We are thrilled to add Staked into our portfolio of yield products. This product has been very well received by a growing number of crypto investors. Staked will complement our existing staking business. It will enable us to strengthen our product offering by providing world-class infrastructure to clients who prefer to keep custody of staked assets.

Staked CEO Tim Ogilvie stated that the merger is natural as both parties have similar goals. Users would be able to benefit greatly from Staked’s options and other services, which would be available to them through Kraken’s technology.

The Battle For The American Market: Kraken and The Battle For It

Kraken’s quest to dominate the U.S. market is aided by the acquisition of Staked. Kraken is now more cautious than other exchanges and focuses on improving its infrastructure.

Kraken would acquire Staked in 2021, making it its fifth acquisition. Overall, the exchange has experienced a growth rate of almost 430% this year. However, its staking services have grown 950% over the same period. Investors have already received 500 million in stake rewards.

Kraken is positioning itself thus as a major player on the U.S. staking market. Galaxy digital, for example, acquired BitGo cryptocurrency custody service in May. Coinbase launched its staking services in 2020. The most important growth factor for the top U.S. exchange, however, was its public listing.

Kraken also indicated its desire to follow Coinbase’s lead and go public. Cryptopotato reported previously that Jesse Powell, Kraken’s CEO, was open to the idea of coordinating an IPO rather than a direct listing. In an interview with Fortune, Powell made this clear:

A direct listing makes an IPO look a lot more appealing. We’re taking it seriously now that we have the opportunity to see how Coinbase performed in the direct public offering.

Binance US and FTX are other exchanges that seek to increase their presence in the U.S. Market. This gives U.S. customers a wide range of options, which is a relief considering the country’s restrictive regulatory environment.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the””  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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