Crypto exchange Kraken acquires non-custodial staking platform Staked

Kraken, a major cryptocurrency exchange, has announced the acquisition of Staked, a blockchain infrastructure, and investment management firm, for an unknown sum.

Following the purchase, Kraken — the crypto exchange aiming for a $10 billion value — said on Tuesday that it had added Staked to its array of yield products. Although the value was not disclosed, the business’s agreement with Staked was billed as “one of the largest crypto industry acquisitions to date,” although the value was not disclosed.

Staked customers will have access to Kraken’s array of yield products, according to Kraken CEO Jesse Powell. In deciding to proceed with the purchase, Staked CEO Tim Ogilvie emphasized the exchange’s “commitment to supporting proof-of-stake networks,” as well as its track record on client experience and security.

Since the beginning of the year, the crypto exchange’s staking business has risen by more than 950 percent, reaching $16 billion in November. This might have been influenced by vehicles that let people invest in Ether and get staking incentives.

Over the last several years, Kraken has acquired several firms linked to its staking business and not. Since 2017, the company has acquired Interchange, an accounting and portfolio reconciliation service provider, and Bit Trade, an Australian crypto exchange, and Cryptowatch. Powell has also hinted at the possibility of the exchange becoming public before the end of 2022.