US-based digital asset platform Kraken has acquired a non-custodial staking platform “Staked” for an undisclosed amount of money. As per reports, this is one of the biggest acquisitions related to the crypto industry. Kraken plans on expanding its “staking: services” with more supported networks and a non-custodial alternative to its existing custodial staking service. Crypto staking is a method that people can follow to lock a part of their cryptocurrencies as a way to contribute to a blockchain network and earn yield in return.
Kraken intends to assist investors earn yield from staking without having to give up custody of their crypto assets.
Now that this acquisition is official, all of the clients of Staked will be added to Kraken's servers.
“Staked will allow us to further strengthen our product offering through world-class infrastructure for clients who prefer to retain custody of their staked assets,” said Jesse Powell, CEO and co-founder of Kraken.
With Staked, Kraken has bagged its fifth acquisition this year.
This year, the company claimed that its staking business grew by over 950 percent amounting to nearly $16 billion (roughly Rs. 1,20,820 crore) in November, resulting in token rewards worth over $500 million (roughly Rs. 3,775 crore) being paid out to clients.
On a global level, crypto-related firms collectively raised more than $30 billion (roughly Rs. 2,27,617 crore) from venture capital firms in 2021, making it the highest collection so far. In 2018, this number was $8 billion (roughly Rs. 60,704 crore).
Earlier this month, for instance, crypto investment platform Stacked raised $35 million (roughly Rs. 263 crore) in a funding round led by quantitative cryptocurrency trading firm Alameda Research and crypto investment firm, Mirana Ventures.
In October, crypto exchange platform WOO Network bagged $30 million (roughly Rs. 223 crore) from various investors in a Series A funding round.
Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. Affiliate links may be automatically generated - see our ethics statement for details.