Crypto exchange Kraken acquires staking platform Staked

Kraken exchange purchased non-custodial platform Staked. The amount of this deal is still hidden. 

Kraken is a popular crypto exchange. However, this exchange is not at that level where we can say that it is a competitor of Coinbase exchange but still the operations of this exchange are much appreciable because this exchange allows only trusted crypto-assets listing. 

On 21 December, the Kraken exchange announced that it added Staked to its portfolio of yield products following the acquisition. 

According to Kraken, this is a groundbreaking deal for the crypto industry. However, the Kraken exchange didn’t disclose the deal amount. 

Jesse Powell, CEO of Kraken exchange, said that users of Staked will be able to get the benefits of the services of Kraken Yield products.

Tim Ogilvie, CEO of Staked, said that Staked’s deal with the crypto exchange is an effort of the platform to support proof-of-stake networks” as well its track record on customer experience and security.

Kraken exchange also revealed that the staking business of the exchange surged by around 950% in less than one year, with a total value of $16 billion last month. Now this new acquisition by the Kraken will help to generate more yields on the Staked platform with Ether staking.

Over the past few years, This exchange purchased many companies, to expand the diversification and valuation of the exchange. 

In the last month, Kraken added support for the popular Dogecoin killer Shiba inu meme token, after weeks of sensation in the crypto community. Now with this new addition, Kraken exchange is looking to touch the valuation of Kraken to $10 billion soon. 

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