The digital asset firm Kraken introduced it has acquired the non-custodial staking platform Staked for an undisclosed sum. While the sum of the acquisition was not disclosed, the corporate claims that it was “one of the largest crypto industry acquisitions to date.”
Kraken Acquires Non-Custodial Staking Firm Staked
On December 21, Kraken introduced that it acquired the staking agency Staked, an organization that makes a speciality of offering folks with entry to proof-of-stake (PoS) networks. “Staked helps investors earn yield from staking and defi without taking custody of their crypto assets,” the agency’s web site explains. Kraken is without doubt one of the largest crypto exchanges worldwide by way of commerce quantity and digital asset reserves.
In phrases of worldwide crypto-asset reserves information from Bituniverse, Peckshield, Chain.information, and Etherscan, metrics present Kraken is the fourth-largest alternate by way of reserves held at the moment. Kraken holds $15.81 billion in digital property in keeping with the info, and people reserves symbolize greater than 102,000 bitcoin (BTC) and a couple of.27 million in ethereum (ETH) on December 22. The acquisition announcement notes that Kraken desires to play a serious position in offering staking providers to shoppers and establishments.
“We are excited to add Staked to our portfolio of yield products, which has seen great uptake by a growing population of crypto investors,” Jesse Powell, the CEO and co-founder of Kraken remarked in regards to the announcement. “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,” Powell added.
Staked explains in its 2021 third-quarter report that “Q3 was an absolute banner quarter for PoS crypto assets.” The report goes on to elucidate that there have been 4 PoS property within the high ten in Q3, and 28 PoS crypto property within the high 100 cash by market capitalization. “The market cap of the top 35 PoS assets represented 30% of the total crypto market capitalization as of [September 30],” Staked wrote on the time. “Marking the first time PoS assets have accounted for [more than] 25% of the total crypto market cap,” the report provides.
The acquisition of Staked makes it Kraken’s fifth acquisition in 2021, in keeping with the announcement on Tuesday. Kraken additionally famous that the corporate’s commerce quantity throughout spot, margin, and futures grew by 430% this 12 months. “Kraken’s acquisition of Staked represents an exciting new chapter for us,” Tim Ogilvie, the CEO of Staked mentioned in a press release. Kraken is just not the one crypto agency making acquisitions as the corporate Coinbase scooped up quite a few startups in 2021 as properly.
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