Crypto

Cryptocurrency exchange Kraken acquires Staked

Cryptocurrency exchange Kraken acquires Staked

Kraken said its participation activity increased by more than 950% since the beginning of the year to reach $ 16 billion in November. Cryptocurrency exchange Kraken has announced that it has bought blockchain infrastructure company and investment manager Staked for an undisclosed amount.

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In an announcement Tuesday, Kraken, the cryptocurrency exchange targeting a $ 10 billion valuation, said it had added Staked to its portfolio of performance products. The company described the deal with Staked as “one of the largest acquisitions in the cryptocurrency industry to date,” but did not disclose the amount.

According to Jesse Powell, CEO of Kraken, Staked users will have access to Kraken’s portfolio of performance products. Staked CEO Tim Ogilvie cited the exchange’s “commitment to supporting proof-of-stake networks” as well as its customer experience and safety record in his decision to go ahead with the OK.

The cryptocurrency exchange said its participation activity increased by more than 950% since the beginning of the year to hit $ 16 billion in November. This may have been driven, in part, by vehicles in which to invest in Ether (ETH) and earn gambling rewards.

Kraken has acquired several companies in recent years related to its stake and other businesses. Since 2017, the company has purchased wallet accounting and reconciliation service provider Interchange, Australian cryptocurrency exchange Bit Trade, and Cryptowatch, among others. Powell also hinted that the exchange could go public before the end of 2022.

Par Turner Wright, Cointelegraph

Turner Wright has been a freelance writer and writer for various publications over the past decade and you can usually find him somewhere abroad. Inspired by a combination of nerves, green tea and dark chocolate.

The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.

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