Crypto exchange Kraken has acquired the Staked platform to provide an alternative to its own staking service. By its own admission, it is one of the largest cryptocurrency exchange deals in history.
Crypto exchange Kraken announces the acquisition of the Staked betting platform. The purchase price is not mentioned in the notification. Still, it is said to be one of the largest acquisitions in the crypto industry to date. In any case, the operation consolidates the position of the Stock Exchange as a leading provider of participation services for private and institutional investors. The non-custodial share alternative is added to the crypto exchange’s custody share service. Staked allows its investors to generate returns when betting without giving up custody of their crypto assets. Kraken now wants to seamlessly integrate this service into its portfolio.
Kraken with strong share growth in 2021
This is Kraken’s fifth acquisition in 2021. And that’s in a year in which the equity business has grown about 950 percent to nearly $ 16 billion, according to the company. This resulted in more than $ 500 million in token rewards being paid to customers.
We look forward to welcoming Staked customers to Kraken. We believe that you will benefit from our broader product portfolio if you want to expand your exposure to digital assets.
says Kraken CEO Jesse Powell of the acquisition. There were similar acquisitions among the competition: In May, Galaxy Digital bought crypto custodian service BitGo for around $ 1.2 billion.
Looking forward to the second decade of our company’s history, I look forward to the future and for Kraken to continue to support the global shift to Web3 and DeFi.
Powell continues. He even has plans to trade stocks. Meanwhile, Staked CEO Tim Oglivie has confirmed that the entire team will remain part of the company even under new ownership from Kraken.