The prominent cryptocurrency exchange Kraken has announced the acquisition of Staked, for an undisclosed sum. It is a blockchain infrastructure business and investment manager. Kraken, the crypto exchange aiming for a $10 billion value, said on Tuesday that it has added Staked to its range of yield products as a result of the acquisition.
The Staked transaction was “one of the largest crypto industry acquisitions to date.” However, there was no disclosure of the dollar sum. Staked customers will have access to Kraken’s array of yield products, according to Kraken CEO Jesse Powell. In making the decision to proceed with the transaction, Staked CEO Tim Ogilvie emphasised the exchange’s “commitment to supporting proof-of-stake networks.” He also mentioned Staked’s track record of client experience and security.
What is Kraken?
Kraken is a cryptocurrency exchange where players in the market can trade various cryptocurrencies. Participants can buy or sell cryptocurrencies using a variety of fiat currencies. Fiat currencies include US dollars, Canadian dollars, euros, and Japanese yen. Popular virtual currencies accessible on the Kraken exchange include Ethereum (ETH) and Bitcoin (XBT), as well as others that have recently acquired interest, such as EOS (EOS) and Monero (XMR).
Kraken was founded in 2011. It started trading operations in 2013. Payward Inc. owns it, and Jesse Powell, CEO and co-founder, leads it. It facilitates the transfer of funds to and from the participant’s connected bank accounts, as well as the transfer of cryptocoins to and from the participant’s digital wallets from Kraken-linked trading accounts.
Kraken is a feature-rich trading platform. It caters to both individual cryptocurrency enthusiasts and major trading organisations. It offers a wide range of account types to meet the demands of all sorts of traders and investors.
Kraken is a cryptocurrency exchange leader because of its robust order system and trading tools. It includes a range of stop-loss and profit-taking order types, leverage and margin-based trading, automated method trading, and a large pool of cryptocurrencies to trade-in.
What is Staked?
On behalf of institutional investors, Staked manages a safe, performant, and cost-effective block production node for decentralised PoS protocols. A stacked multi-tier signing and listening node design provide stakeholders with the best balance of security, scalability, and decentralisation.
The Staked team has a long and successful track record of launching, implementing, and running web services. Some firms are InterActiveCorp, Vimeo, AdBuyer, PlanetTran, Flavors.me, Haystagg, and Think Gaming.
What is The future of Kraken?
Since the beginning of the year, the crypto exchange’s staking business has risen by more than 950 percent. Moreover, it reached $16 billion in November. The main influencing factors, in part, are vehicles for investing in Ether (ETH) and earning staking rewards.
Over the last several years, Kraken has acquired several firms linked to its staking business and others. Since 2017, the company has acquired accounting and portfolio reconciliation service provider Interchange, as well as Australian crypto exchange Bit Trade and Cryptowatch. Powell has also said that the exchange may go public before the end of 2022.