Kraken said its staking business had grown by more than 950% since the beginning of the year to reach $16 billion in November.
Major cryptocurrency exchange Kraken has announced that it purchased
blockchain infrastructure company and investment manager Staked for an
undisclosed amount.
In a Tuesday announcement, Kraken — the crypto exchange aiming for a $10 billion valuation — said
it had added Staked to its portfolio of yield products following the
acquisition. The company described the Staked deal as “one of the
largest crypto industry acquisitions to date” but did not disclose the
amount.
According to Kraken CEO Jesse Powell, Staked users will
have access to Kraken’s portfolio of yield products. Staked CEO Tim
Ogilvie cited the exchange’s “commitment to supporting proof-of-stake
networks” as well its track record on customer experience and security
in its decision to move forward with the deal.
The crypto exchange said its staking business had grown
by more than 950% since the beginning of the year to reach $16 billion
in November. This may have been driven, in part, by vehicles in which to
invest in Ether (ETH) and earn staking rewards.
Kraken
has acquired several companies over the past few years related to its
staking business and otherwise. Since 2017, the firm has purchased
accounting and portfolio reconciliation service provider Interchange,
Australian crypto exchange Bit Trade and Cryptowatch, among others.
Powell has also hinted that the exchange could go public before the end of 2022.
source link : https://cointelegraph.com/news/crypto-exchange-kraken-acquires-non-custodial-staking-platform-staked
