Popular cryptocurrency exchange Kraken has announced the acquisition of the non-custodial staking platform, Staked, for an undisclosed fee.
Despite not disclosing the amount paid to acquire the non-custodial staking platform, Kraken noted that the deal is one of the largest industry acquisitions to date.
In a press release, Kraken noted the development further enhances its position as one of the leading staking providers for cryptocurrency investors.
Commenting on the move, Jesse Powell, CEO and co-founder of Kraken, said:
“We are excited to add Staked to our portfolio of yield products, which has seen great uptake from a growing population of crypto investors.”
Powell noted that the move to acquire Staked became a necessity for Kraken as it hopes to complement its existing cryptocurrency staking business and to also provide clients with the means to retain custody of their staked cryptocurrency.
Staked, a non-custodial staking platform, enables clients to earn returns from staking without giving up custody of their digital assets, which complements Kraken’s custodial staking service.
Tim Ogilvie, CEO of Staked, said the recent development is an important chapter for the company, adding:
“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.”
Kraken’s Massive Growth in 2021
The cryptocurrency exchange has been on an acquisition spree since its launch. This year alone, Kraken noted that it has acquired five companies as part of its effort to become the cryptocurrency platform of choice for retail and institutional clients.
So far, Kraken’s acquisition moves seemed to be paying off, as its spots, futures, and margin trading volume had surged 430% on Year to Date (YTD).
Similarly, the exchange disclosed that its staking business has also grown by 950% in 2021, which saw the business reach nearly $16 billion in November.
As Kraken continues to experience tremendous growth across its businesses, the exchange is considering going public through a direct listing in 2022.
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