Kraken Acquires Staked to Develop More Staking Products
The crypto business is booming and acquisitions across the board are a testament to the growth potential. Leading crypto exchange Kraken has completed its fifth acquisition of the year, this time purchasing Staked – a blockchain infrastructure company and investment manager.
The acquisition was confirmed by Kraken during the previous session as it brings Staked on board as part of its offerings among yield products. While the exchange has not disclosed the exact amount it paid to acquire Staked, it did state that the deal was “one of the largest crypto industry acquisitions to date”.
Following the acquisition, users of Staked will now gain access to Kraken’s range of yield products. It will also empower all of the exchange’s clients to earn rewards from their crypto holdings even as they enjoy complete control over their digital assets.
According to CEO at Staked, Tim Ogilvie, “Kraken’s acquisition of Staked represents an exciting new chapter for us. 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.”
Staked’s acquisition will drive Kraken’s innovation in developing more staking products even as it focuses on fostering the growth of PoS networks on its platform. As the world looks at more use cases from crypto technology beyond enabling digital transactions, especially with DeFi and Web3 set to take off in the coming year, the exchange is working hard to transform itself into a holistic crypto platform, offering a wide range of products and services to cater to retail and institutional investors.
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