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.
Source: Coin Desk