Crypto Exchange Kraken Acquires Staking Platform Staked

Kraken has acquired non-custodial staking platform Staked to enable an alternative to its own custodial staking service, the crypto exchange said Tuesday.

Kraken referred to the deal as “one of the largest crypto industry acquisitions to date” but did not disclose the amount paid.For context, Galaxy Digital acquired crypto custodian BitGo for about $1.2 billion in May.Stake’s non-custodial staking service enables users to earn yield from staking without giving up custody of their assets. This is a complement to the custodial staking service 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.

Read more: Kraken Ventures Raises $65M for Early-Stage Crypto Fund

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