In what stands as its fifth acquisition for the year, the Kraken trading platform has acquired Staked, a non-custodial staking platform for an undisclosed sum.
As announced by Kraken, the acquisition is arguably one of the largest acquisitions in the digital currency ecosystem to date and will help Kraken expand its currently established custodial staking service.
Staked operates as a functional and non-custodial staking platform that enables investors in Proof-of-Stake (PoS) networks to easily and securely compound their holdings. The platform permits all classes of investors, whether retail or institutional, to earn yields without relinquishing their custody of the staked assets.
“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,” Powell added.
Kraken has recorded impressive growth thus far this year with its staking service growing by as much as 950% to nearly $16 billion in November. The company’s combined spot, margin and futures trading volume grew by over 430% in 2021, and the acquisition of Staked remains a way to expand its growth tracks as it remains one of the few trading outfits that has earned a license to operate as a bank in the U.S.
“We’ve become a holistic crypto platform with a diverse range of products that serves the needs of retail, professional, and institutional clients. Heading into the second decade in our company’s history, I’m excited about the future and Kraken’s continued support of the world’s shift to Web3 and DeFi,” Powell added.