Kraken has publicized that it purchased blockchain infrastructure company and investment manager Staked for an undisclosed amount.
Kraken, the crypto exchange targeting for a $10 billion valuation said it had added Staked to its portfolio of yield products following the acquisition. The company described the Staked deal as “one of the largest crypto industry acquisitions to date” but did not disclose the amount.
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 and earn staking rewards.
Kraken has also acquired several companies over the past few years related to its staking business. 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.
