Kraken launches new onchain staking product for U.S. clients
We are excited to announce the launch of a new staking product for U.S. clients in 37 states and 2 territories, providing a straightforward and secure means for clients to participate in the security of supported networks. We plan to expand access to users in more states as permitted.
Starting today, clients residing in eligible states will be able to securely stake eligible tokens via Kraken Pro. These clients will be able to participate in bonded staking, which locks up/bonds cryptoassets to the network for a specific period of time.
Kraken delegates staked assets to validators, which then handle transaction validation and block production. These validators then pass back rewards, minus fees, to clients who have staked their assets with that validator.
“Launching this new staking product in the U.S. is an overwhelmingly positive development, not just for Kraken but also for the entire U.S. crypto space,” said Mark Greenberg, Kraken Global Head of Consumer. “We are excited to bring back a brand new product enabling U.S. clients to resume staking with Kraken and play a significant role in bolstering the underlying security of blockchain networks”
Kraken was the first major centralized exchange to launch onchain staking in 2019, empowering clients to to play a role in securing proof-of-stake (PoS) blockchains. Last year, Kraken became one of the first crypto platforms to enable clients to restake ETH, so EigenLayer projects could benefit from the underlying security of Ethereum.
PoS has become the one of the most popular consensus mechanisms in crypto, with the number of staking offerings exploding in recent years and crypto holders across the world staking in order to help secure countless ecosystems. Kraken’s new staking products for U.S. clients helps restore parity with the products and services available to Kraken clients globally.
Greenberg continued: “Kraken serves as a bridge so people can access the crypto space and participate in an increasingly broad range of related activities from an interface and platform that they’re familiar with. Onchain staking is a key component of how we fulfill this role and we believe the resumption of staking in the U.S. today will play a significant role in the development and mass adoption of crypto.”
Clients in select U.S. states and territories will now be able to use Kraken’s onchain staking product to stake 17 assets, including ETH, SOL, DOT and ADA. Kraken’s restaking integration will also be made available in eligible states. For the full list of eligible states and for more information, please visit our staking homepage here.
These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake or hold any cryptoasset or to engage in any specific trading strategy. Geographic restrictions apply. Projected annual rate is an estimate based on the average staking rewards accrued over the past period, before commission, and is subject to change. Staking involves risks including no guarantee of rewards, potential loss from slashing, bonding periods, and depreciation in the value of assets while staked. Please refer to Kraken’s Terms of Service for additional information.
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