Major cryptocurrency exchange Kraken has announced that it has bought blockchain infrastructure company and investment manager Staked for an undisclosed amount.
In an announcement Tuesday, Kraken, the crypto exchange targeting a $ 10 billion valuation, saying had added Staked to its portfolio of performance products after the acquisition. The company described the Staked deal as "one of the crypto industry's largest acquisitions to date," but did not disclose the amount.
According to Kraken CEO Jesse Powell, 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 track record in customer experience and security in his decision to go ahead with the deal.
As we prepare for 2022, Kraken celebrates its continued growth and success with the expansion of its 'stake' tentacle through the acquisition of Staked.
Check out our blog for more details on this exciting offer! https://t.co/26WfBKqO3F pic.twitter.com/WP9pjjkueN
- Kraken Exchange (@krakenfx) December 21, 2021
The crypto exchange said its the gambling business had grown by more than 950% from the beginning of the year to reach $ 16 billion in November. This may have been driven in part by vehicles to invest in Ether (ETH) and earn gambling rewards.
Related: Kraken users have already wagered half a million ETH
Kraken has acquired several companies in recent years related to its equity business and others. Since 2017, the firm has bought bookkeeping and portfolio reconciliation service provider Interchange, Australian cryptocurrency exchange Bit Trade, and Cryptowatch, among others. Powell has also hinted that the the exchange could be made public before the end of 2022.
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