Share this article
Crypto Exchange Kraken Acquires Staking Platform Staked
The crypto exchange referred to the deal as “one of the largest crypto industry acquisitions to date” but did not disclose the amount paid.
Updated May 11, 2023, 7:17 p.m. Published Dec 21, 2021, 4:36 p.m. 1 min read
Kraken has acquired non-custodial staking platform Staked to enable an alternative to its own custodial staking service, the crypto exchange said Tuesday.
- Kraken referred to the deal as “one of the largest crypto industry acquisitions to date” but did not disclose the amount paid.
- For context, Galaxy Digital acquired crypto custodian BitGo for about $1.2 billion in May.
- Stake’s non-custodial staking service enables users to earn yield from staking without giving up custody of their assets. This is a complement to the custodial staking service already offered by Kraken.
- The acquisition is Kraken’s fifth of 2021, a year which has seen its staking business grow by around 950% to nearly $16 billion, according to the company.
- Staked CEO Tim Oglivie confirmed to CoinDesk that the whole team would continue to be a part of the business under Kraken’s ownership.
Read more: Kraken Ventures Raises $65M for Early-Stage Crypto Fund
More For You
A Coinbase executive called on regulators to implement sensible crypto regulation, while announcing the Stand With Crypto event taking place in over 500 locations worldwide.
What to know:
- Coinbase says it is unconcerned by growing competition from traditional financial institutions, arguing that crypto’s grassroots community support cannot be replicated by Wall Street.
- Stand With Crypto, which Coinbase calls the world’s largest crypto-advocacy group, claims 3.7 million members who have contacted lawmakers more than 2.5 million times, even as...
