Introduction
Kraken, a leading cryptocurrency exchange, has re-launched its staking service in the U.S., offering support for 17 different digital assets to clients in 37 states.
Key Points
- Kraken now offers on-chain staking to US clients in 37 states.
- The exchange supports 17 cryptocurrencies, including Ethereum, Solana, Polkadot, and Cardano.
- Regulatory challenges led to the temporary halt of the staking feature, which was initially launched in 2019.
New Staking Product
Kraken’s new staking product is available in 37 US states and 2 territories, allowing clients to stake various cryptocurrencies such as Ethereum, Solana, Polkadot, and Cardano.
Quotes
“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’s 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.”
SEC Settlement and Relaunch
In 2019, Kraken introduced on-chain staking but had to pause the feature due to regulatory issues with the SEC. However, a settlement in February 2023 has paved the way for the relaunch of the staking service.
Industry Optimism
Greenberg highlighted the role of Kraken in providing access to the crypto space and facilitating various activities, including on-chain staking. The relaunch of staking in the U.S. is expected to contribute to the development and mass adoption of crypto.
Recent developments in the US, such as President Donald Trump’s pro-crypto stance and the appointment of crypto-friendly individuals to regulatory positions, have created a positive environment for the industry. An executive order signed by Trump further emphasizes regulatory clarity and support for innovation in the crypto space.