Home News Kraken crypto exchange acquired Staked

Kraken crypto exchange acquired Staked

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Kraken cryptocurrency exchange has acquired Staked betting platform. The company called the deal “one of the largest acquisitions” in the industry. But did not disclose financial details.

According to the press release, the acquisition will complement Kraken’s existing staking offering. Allowing customers to earn on their cryptocurrency while maintaining full control over assets.

“The success of our staking business demonstrates that Kraken has evolved into much more than a custodian and trading venue. We’ve become a holistic crypto platform with a diverse range of products that serves the needs of retail, professional, and institutional clients”. Said co-founder and CEO of the exchange, Jesse Powell.

Growing the number of PoS networks

“Kraken clearly shares our commitment to supporting proof-of-stake (PoS) networks, having a security-first mindset. And unwavering focus on customer experience, which makes them an ideal partner”. Said co-founder and CEO of Staked, Tim Ogilvie.

Kraken will be able to build innovative new staking products for all of its clients; grow the number of PoS networks supported on the platform, thanks to Staked’s best-in-class staking infrastructure.

Recall that earlier in September, the United States Commodity Futures Trading Commission (CFTC) fined Kraken $1.25 million for an alleged illegal offer. According to the order, the platform must “cease and desist from further violations of the Law on Commodity Exchanges in accordance with the charge”.

Staking Rewards

Previously in November, the provider of data on betting and other types of income from digital assets, Staking Rewards, closed the investment round for $3.2 million. Galaxy Digital, Digital Currency Group and CoinShares led the round.

1kx Capital, Sygnum Bank and a number of business angels also participated in the round. Lead investors integrate Staking Rewards services into their solutions. The Application Programming Interface (API) developed by the firm in particular use Coinbase and Bitcoin Suisse.

Furthermore, the startup will use the received funding to launch new products. Including those related to various asset indices with the possibility of staking.

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