On Tuesday, crypto exchange service Kraken announced that it had acquired Staked, a non-custodial staking startup.
Though details of the acquisition deal were not disclosed in the announcement, Kraken said that the acquisition was "one of the largest crypto industry acquisitions to date" and would help the exchange company "develop innovative new staking products for all our clients and expand the number of proof-of-stake networks supported on our 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," Jesse Powell, CEO and co-founder of Kraken, said in a statement. "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."
The development comes as Kraken mulls a public offering, a route that Powell has publicly floated in the past as a potential over the next two years.