Kraken is pleased to announce its new Ethereum 2.0 staking service has passed a key milestone, with clients depositing well over 100,000 ETH (over $60 million) in just four days since launch.
The total amount staked on Kraken hit the 100k threshold Tuesday, meaning approximately 8% of the ETH currently staked for Ethereum 2.0 is now staked on Kraken. On-chain staking allows clients to help verify the network in return for additional tokens, making it an innovative new revenue stream for investors and traders.
Kraken is a staunch supporter of innovation in the cryptocurrency space. Just last week, Kraken committed to match up to $150,000 in funding for open-source projects on Ethereum.
Jeremy Welch, Kraken’s VP of Product, commented:
“Kraken has long been a supporter of Ethereum. In fact, we were one of the first exchanges to list Ether in August 2015. We have watched as Ethereum has continued to grow in significance. As of December 1, ETH trading volumes typically make up between 15-40% of our Bitcoin daily volumes.”
Token holders have previously had little choice other than to stake tokens themselves, something that requires a significant technical understanding. On Kraken, however, clients can now choose to stake through our exchange platform. As staking via Kraken pools client tokens together, it improves the chances that they will be selected to verify transactions, thereby increasing potential payouts.
In addition to Ethereum staking, which came online on Friday, clients can also stake tokens on Polkadot, Tezos, Kusama and Cosmos, with support for Flow coming soon. Kraken is also unique in offering clients the opportunity to earn regular rewards on deposited USD and EUR – much like earning interest from a savings account.
At the time of writing, clients could expect to earn anywhere between 5% and 17% on ETH staked on Kraken. With a seamless interface clients can, at any time and with any amount, stake tokens in just three clicks.
“Our support for staking on Ethereum 2.0 will enrich client experience and reaffirm our commitment to support bleeding-edge innovation,” Welch added. “At Kraken, we are thrilled to play our part just as Ethereum prepares for this bold step forward.”
For more information, please visit Ethereum 2.0 staking FAQ.
Based in San Francisco, Kraken is the world’s largest global digital asset exchange based on euro volume and liquidity. Kraken’s clients trade more than 30 digital assets and 7 different fiat currencies, including EUR, USD, CAD, GBP, JPY, CHF and AUD. Kraken was founded in 2011 and is the first digital asset exchange to have its market data displayed on the Bloomberg Terminal, the first to pass a cryptographically verifiable proof-of-reserves audit and one of the first exchanges to offer spot trading with margin. Kraken is trusted by more than 5 million traders, institutions and authorities around the world.
Kraken is backed by investors including Hummingbird Ventures, Blockchain Capital and Digital Currency Group, among others. For more information about Kraken, please visit www.kraken.com.