Kraken Closes Acquisition of Staking Platform Staked

​Kraken Digital Asset Exchange (Kraken) yesterday announced that it has acquired Staked, an infrastructure platform that allows for secure, cost-effective, and non-custodial crypto staking.

Staked's best-in-class staking infrastructure will enable Kraken to develop innovative new staking products for all its clients and expand the number of proof-of-stake networks supported on its platform.

"We are excited to add Staked to our portfolio of yield products, which has seen great uptake by a growing population of crypto investors," said Jesse Powell, CEO and co-founder of Kraken. "Staked is highly complementary to our existing staking business and will allow us to further strengthen our product offering through world-class infrastructure for clients who prefer to retain custody of their staked assets. We're excited to welcome Staked's clients to Kraken."

"Kraken's acquisition of Staked represents an exciting new chapter for us," said Tim Ogilvie, CEO of Staked. "Kraken clearly shares our commitment to supporting proof-of-stake networks, having a security-first mindset, and unwavering focus on customer experience, which makes them an ideal partner."

The crypto exchange said its staking business had grown by more than 950% since the beginning of the year to reach $16 billion in November. This may have been driven, in part, by vehicles in which to invest in Ether (ETH) and earn staking rewards.

Kraken​ has acquired several companies over the past few years related to its staking business and otherwise. Since 2017, the firm has purchased accounting and portfolio reconciliation service provider Interchange, Australian crypto exchange Bit Trade and Cryptowatch, among others. Powell has also hinted that the exchange could go public before the end of 2022.