TL;DR
- Kraken has relaunched its staking service in the U.S. after nearly two years of interruption due to a conflict with the SEC.
- Staking allows users to lock digital assets like Solana and Ethereum to validate transactions, earning rewards in return.
- In addition to Solana and Ethereum, the exchange offers staking for assets like Polkadot and Cardano, available in 37 states and two U.S. territories.
Kraken, one of the most important exchanges in the market, has relaunched its staking service for customers in the United States.
This product allows users to lock digital assets like Solana and Ethereum, contributing to the validation of transactions within their respective networks and, in return, earning rewards. The service will be available in 37 states and two U.S. territories, a crucial step that marks the reactivation of staking after nearly two years of interruption due to intervention from the U.S. Securities and Exchange Commission (SEC).
In 2023, Kraken was forced to suspend its staking service in the U.S. because the SEC claimed the platform was operating an unregistered program, violating securities regulations. The company agreed to pay a $30 million fine as part of the settlement. However, the new U.S. administration, led by President Donald Trump, has shown a more crypto-friendly approach, allowing the exchange to resume this service.
How Does Staking Work on Kraken?
The staking model Kraken offers to its U.S. users is “bonded,” meaning the tokens are locked for a specific period. These assets are delegated to validators, who are responsible for validating transactions and generating new blocks on the blockchain. In return, users receive rewards, minus a small fee for the service.
In addition to Ethereum and Solana, other assets like Polkadot and Cardano will also be available for staking. With this offering, the platform aims to enable its U.S. clients to actively participate in the security of various blockchain networks and align with global crypto market trends.
The relaunch of the service is the result of a positive shift in the regulatory environment for cryptocurrencies in the U.S. Kraken is now preparing to boost staking adoption globally
