The participation platform was acquired for an undisclosed sum according to Kraken, who went on to say that the deal was one of the crypto industry’s largest acquisitions to date. The Staked acquisition marks Kraken’s fifth in 2021 and reinforces the company’s strategy to become the crypto portal of choice for retail and professional investors.
Staked’s existing stake infrastructure now enables Kraken to develop new products for its entire customer base and also expand the number of proof-of-stake networks supported on the exchange. Additionally, it enables the exchange to strengthen its non-custodial participation offerings and diversify its existing range of custodial products.
The acquisition could also signal the exchange’s offer to become the primary depositor for “ETH2”. Kraken already occupies two of the top five positions by Ethereum deposited in the ETH 2.0 contract and with the addition of the existing Staked pool ‘ETH2’, it will further strengthen its already considerable position. We are excited to add Staked to our portfolio of performance products, which has been widely accepted 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 a world-class infrastructure for clients who prefer to retain custody of their staked assets. We are pleased to welcome Staked customers to Kraken and believe that they will benefit from access to our broader portfolio of products as they seek to expand their commitment to digital assets.