Crypto Exchange Kraken Acquires Staking Staking Platform

The Kraken cryptocurrency exchange (KRAK-USD) has acquired staking startup Staked, according to a report released on December 21. The acquisition is one of many milestones the crypto exchange has taken this year, and it is by far the biggest crypto-related milestone for the exchange to date.

Kraken Expands Crypto Service Delivery Network

According to the details of the report, this step is aimed at expanding Kraken’s existing staking services, which are on-call. He also said the move was driven by increased demand for non-custodial staking services by consumers in the crypto industry today.

Kraken ranks among the best crypto exchanges on the market, offering a range of services including account management, staking, futures trading, market prices, indices, margin trading, various funding options. , bug bounty, and learning materials, among others. On the flip side, Stake has been a non-custodial staking ecosystem for over three years now.

It offers Kubernetes-supported infrastructure to increase user convenience across five clouds. As such, the infrastructure allows users to secure user funds in the event of downtime, regardless of how long. This factor makes it a trusted partner for a variety of projects in the crypto industry, which strengthens it with its audited infrastructure.

Combining the missions of both platforms will create better income opportunities for all of their users. Additionally, it extends the reach of products and services available on Kraken today while ensuring continued security for users.

Kraken expands its progress

Despite the many acquisitions made in the crypto industry over the years, the current event is the largest in crypto history. According to its blog post on the same topic, the exchange defines this as an effort indicative of its continued success as a leading staking service provider. It recognizes its growing user base, which benefits from its existing product portfolio.

Stake will be a welcome addition to give users more freedom in how they want to manage their funds. In his opinion, he hopes to provide users with staking rewards while giving them the option of having full custody of their investments.

Jesse Powell, the CEO of the exchange, said the two platforms remain complementary to each other, strengthening the products it offers. He also said that despite the common belief that “not your keys, not your coins” being a trend, he trusts his clients’ best interests and still offers them on-call services. Stakes helps it expand its current status without giving up the wishes of some of its users.

Powell also mentioned that the platform is becoming more and more global, supporting the migration from the digital world to Web 3.0. He also presents himself as a spokesperson for the decentralized finance sector in his services during his years of practice. Currently, it welcomes not only individual investors, but also institutional and professional investors in the sector.

Increased interest in staking

The Proof of Stake consensus algorithm appears to be the new buzz in town, with major blockchains like Ethereum transitioning to the same. This reinforces the idea that staking is a popular passive income opportunity for all types of investors entering the market.

This milestone of Kraken and Stake is the essence of proof of stake in the crypto industry. Despite the exchange’s late entry into staking services, its progress is undeniable, reaching $ 10.8 billion in staked assets in the third quarter of 2021.

It also shows how competitive the staking industry has become in cryptoversy. An advisory in the banking industry pointed out that PoS has its roots in what will be the future of blockchain and cryptocurrencies. Overall, Kraken hopes to do more in the coming year while moving this acquisition forward towards building a better staking ecosystem for all.

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