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Cryptocurrency Exchange Kraken completed the acquisition of non-custodial staking platform Staked, the company announced on Tuesday.
Without disclosing the exact amount paid, Kraken names the deal “one of the largest crypto industry acquisitions to date.”
The strategic move complements Kraken’s own custodial staking service. Stake’s non-custodial staking service allows users to earn yield from staking without losing custody of their assets.
Jesse Powell, CEO and co-founder of Kraken, said:
“We are excited to add Staked to our portfolio of yield products, which has seen great uptake by a growing population of crypto investors.
5BTC or 111% + 111 Free Spins!
New players only. Exclusive 111% Welcome Bonus + 111 Free SpinsStaked 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.”
Tim Ogilvie, CEO of Staked, said:
“Kraken’s acquisition of Staked represents an exciting new chapter for us. 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.”
The Staked acquisition makes it a total of five for the year for Kraken. Its staking business surged by around 950% to nearly $16 billion over 2021.