Kraken, a popular blockchain crypto and asset exchange platform, today announced that it has acquired Stake for an undisclosed amount. Stake is a non-custodial staking platform that allows investors in proof of stake networks to easily build their holdings.
For Kraken, this acquisition strengthens its staking offering by increasing the number of supported networks and providing a non-custodial alternative to Kraken’s existing staking service.
“We are excited to add Stake to our portfolio of yield products, which has been widely adopted by a growing population of crypto investors,” said Jesse Powell, CEO and co-founder of Kraken. “We are delighted to welcome Staked customers to Kraken and believe they will benefit from access to our broader product portfolio as they seek to broaden their engagement with digital assets. “
The Kraken team reports that its combined spot, margin and futures trading volume increased by more than 430% in 2021. Additionally, since the start of the year, Kraken’s staking activity has increased by more than 950% to reach nearly $ 16 billion in November, resulting in symbolic rewards valued at more than $ 500 million paid.
“The acquisition of Staked by Kraken represents an exciting new chapter for us,” said Tim Ogilvie, CEO of Staked. “Kraken clearly shares our commitment to supporting proof-of-stake networks, prioritizing security and relentlessly focusing on the customer experience, which makes them an ideal partner. Combining our businesses will allow us to deliver a smoother experience and expand our product offering to meet our customers’ needs for staking and beyond.