Kraken Acquires Stake to Offer Custody-Free Crypto-Gaming Services to Retail and Professional Investors

US-based digital asset platform Kraken has acquired a non-custodial “Staked” staking platform for an undisclosed amount of money. According to reports, this is one of the biggest acquisitions related to the crypto industry. Kraken plans to expand its “staking services” with more supported networks and an unattended alternative to its existing on-call staking service. Crypto staking is a method that people can follow to lock down a portion of their cryptocurrencies in order to contribute to a blockchain network and earn a return in return.

Kraken intends to help investors earn a return from staking without having to forfeit custody of their crypto assets.

Now that this acquisition is official, all of the Stakes clients will be added to the Kraken servers.

“Staked will allow us to further strengthen our product offering with a world-class infrastructure for customers who prefer to retain custody of their staked assets,” noted Jesse Powell, CEO and Co-Founder of Kraken.

With Stakes, Kraken made its fifth acquisition this year.

This year, the company claimed that its staking activity grew by more than 950%, reaching nearly $ 16 billion (roughly Rs. 1,820 crore) in November, resulting in the payout. symbolic rewards worth over $ 500 million (approx. Rs. 3,775 crore) to customers.

Globally, crypto-related firms collectively raised over $ 30 billion (roughly Rs.227,617 crore) from venture capital firms in 2021, making it the highest raised to date. . In 2018, that number was $ 8 billion (approximately Rs. 60,704 crore).

Earlier this month, for example, the crypto investment platform Stacked raised $ 35 million (roughly Rs.263 crore) in a funding round led by the quantitative crypto trading firm. Alameda Research currency and Mirana Ventures crypto investment firm.

In October, the cryptocurrency exchange WOO Network pocketed $ 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 unregulated digital currency, not legal tender and subject to market risk. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any loss resulting from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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