Cryptocurrency exchange Kraken announced on Tuesday that it had acquired non-custodial staking platform Staked to expand on its array of staking products.
The staking platform was acquired for “an undisclosed sum” according to Kraken, who went on to say that the deal was “one of the largest crypto industry acquisitions to date”.
The acquisition of Staked marks Kraken’s fifth in 2021, and reinforces the companies strategy of becoming the “crypto portal of choice for both retail and professional investors”.
As we gear up for 2022, Kraken is celebrating its continued growth and success with the expansion of its ‘staking’ tentacle through an acquisition of Staked.
— Kraken Exchange (@krakenfx) December 21, 2021
In addition, it allows the exchange to bolster its non-custodial staking offerings and diversify its existing array of custodial products.
The acquisition could also signal the exchange’s bid to become the leading ‘ETH2’ depositor. Kraken already holds two of the five top spots by Ethereum deposited to the ETH 2.0 contract and with the addition of Staked’s existing ‘ETH2’ pool, it will further bolster its already hefty position.
“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.”