Kraken Exchange announced the acquisition of Staked in one of the biggest crypto deals of all time as an important step toward expanding services. With the new acquisition, this exchange can offer more services to both retail and professional traders. Staked is an infrastructure platform that offers secure, cost-effective, and non-custodial crypto staking.
The new acquisition adds some services to the staking features of the Kraken exchange. This platform currently offers custodial staking. But with the addition of Staked services, users can earn rewards from their crypto holdings while having full control over their assets.
Jesse Powell, CEO and co-founder of Kraken said about this acquisition:
“We are excited to add Staked to our portfolio of yield products, which has seen great uptake by a growing population of crypto investors. 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.”
Kraken’s announcement comes with a considerable focus on providing optional control over digital assets. Part of the announcement post talks about the “not your keys, not your coins,” saying in the crypto world. Although this doesn’t subscribe to that philosophy, it offers more options for managing funds to users with the acquisition of Staked platform.
Staked is well-known for its strong staking infrastructure and support for proof of stake blockchain networks. Kraken can now use these strong offerings to provide more innovative and valuable staking options to its users. Besides, more PoS networks will be added to the support list of this exchange.
Staked can benefit from joining a big crypto service company and expanding faster because of having access to a bigger user base. Tim Ogilvie, CEO of Staked, said:
“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.”
The new acquisition can become one of the most important milestones in Kraken’s history. The company is expanding to offer more staking services to users and increase options for control over digital assets. It can become a hybrid digital asset service company with a comprehensive set of staking services. We should wait and see what new offerings bring for the exchange and if they result in more user growth for this platform.