Kraken, a leading digital asset and crypto trading platform, announced its acquisition of non-custodial staking platform Staked. The details of the deal were not disclosed, but Kraken claims it’s one of the largest deals in the history of crypto.
Staked allows users to stake various digital assets and earn interest but it allows investors to keep custody of the crypto in Proof-of-Stake networks to easily and securely compound their holdings. The acquisition solidifies Kraken’s position as a leading provider of staking services to consumers and institutions by expanding the number of supported networks and enabling a non-custodial alternative to Kraken’s existing custodial staking service.
“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.”
Staked’s mission – to help investors earn yield from staking without relinquishing custody of their crypto assets – closely aligns with Kraken’s objective to provide seamless and secure access to staking products and services. By providing world-class infrastructure as a service, Staked removes significant barriers to entry while allowing clients to optimize rewards.
The acquisition of Staked – Kraken’s fifth acquisition in 2021 – is an important step in the company’s strategy to become the crypto portal of choice for both retail and professional investors. Kraken’s combined spot, margin and futures trading volume has grown by over 430% in 2021