Kraken Acquires Staked to Support Growth and Resilience in One of Largest Crypto Industry Deals to Date
CHEYENNE, Wyo.--(BUSINESS WIRE)--Dec 21, 2021--
Staked is a non-custodial staking platform that enables investors 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. 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.”
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.
“Kraken’s acquisition of Staked represents an exciting new chapter for us,” said Tim Ogilvie, CEO of Staked. “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. Combining our businesses will enable us to provide a more seamless experience and expand our product offering to meet our clients’ needs in staking and beyond.”
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. Since the beginning of the year, the company’s staking business has grown by more than 950% to nearly $16 billion in November, resulting in token rewards valued at more than $500 million being paid out to clients.
“The success of our staking business demonstrates that Kraken has evolved into much more than a custodian and trading venue,” said Powell. “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.”
Kraken is the world’s largest global digital asset platform based on euro volume and liquidity. Globally, Kraken’s client base trades more than 90 digital assets and 7 different fiat currencies, including GBP, EUR, USD, CAD, JPY, CHF and AUD.
Kraken, now 2300+ employees, was founded in 2011 and was one of the first exchanges to offer spot trading with margin, parachain auctions, staking, regulated derivatives and index services. Kraken is trusted by over 8.5 million traders and institutions around the world and offers professional, round-the-clock online support.
For more information about Kraken, please visit www.kraken.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20211221005538/en/
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