Kraken Crypto Exchange Buys Staking Platform Staked

It’s been just revealed that another important move has been made in the crypto space these days. It involves crypto exchange Kraken.

CoinDesk just noted that Kraken has acquired non-custodial staking platform Staked in order to enable an alternative to its own custodial staking service.

Kraken made sure to highlight the fact that the deal was “one of the largest crypto industry acquisitions to date” but did not disclose the amount paid.

The same online publication mentioned above also noted that Galaxy Digital acquired crypto custodian BitGo for about $1.2 billion in May.

Stake’s non-custodial staking service will be allowing users to earn yield from staking without giving up custody of their assets.

This is a complement to the custodial staking service which is already offered by Kraken.

“The acquisition is Kraken’s fifth of 2021, a year which has seen its staking business grow by around 950% to nearly $16 billion, according to the company. Staked CEO Tim Oglivie confirmed to CoinDesk that the whole team would continue to be a part of the business under Kraken’s ownership.”

Kraken made headlines not too long ago when it’s been revealed that the CEO of the Kraken exchange said that he is working on creating a new NFT platform while keeping an eye on the metaverse sector.

During a new interview with Bloomberg Technology, the Kraken chief Jesse Powell said that the rising popularity of NFTs and virtual worlds this year is something that the exchange has noticed and plans to use.

“We’re working on an NFT platform right now to give investors exposure to the burgeoning NFT market.”

According to Powell, the metaverse will only get larger because NFTs become badges that denote memberships to specific virtual clubs.

Stay tuned for more exciting news from the crypto space, and keep your eyes on the markets.