Kraken has reintroduced on-chain staking for US users, offering 17 crypto currencies via Kraken Pro. The action widens access amid shifting crypto rules.
Through Kraken Pro, Kraken has provided US consumers in 37 states and two territories with a onchain staking service. According to the corporation, it wants to increase access as soon as laws permit. After earlier regulatory problems, the move signifies the resumption of staking services for US consumers. Kraken clarified:
Starting today, customers residing in eligible states will be able to securely stake eligible tokens through Kraken Pro. These customers will be able to participate in bonded staking, which locks/bonds crypto assets in the network for a set amount of time.
Kraken's dedication to offering staking services is supported by the return of staking
Validators are given access to staked assets, which they use to verify transactions and create new blocks. Once fees are subtracted, they return incentives to clients. The debut was seen as "an extremely positive development, not just for Kraken but for the entire U.S. crypto space" by Mark Greenberg, Global Head of Consumer at Kraken. He underlined that Kraken's dedication to offering staking services is supported by the return of staking, which enables users to reward themselves while also enhancing blockchain security.
After being accused of selling unregistered securities through the staking program, Kraken reached a settlement with the US Securities and Exchange Commission (SEC) in February 2023, agreeing to pay a $30 million fine and stop providing staking services to its US clients. The Trump administration has altered the regulatory environment and is working to create precise rules for cryptocurrency operations, which coincides with the launch of the company's new staking service for US consumers.
17 cryptocurrency assets are supported by the new service
Ethereum (ETH), Solana (SOL), Polkadot (DOT), and Cardano (ADA) are among the 17 cryptocurrency assets supported by the new service. Kraken attested:
Customers in select US states and territories will now be able to stake 17 assets using Kraken’s onchain staking product, including ETH, SOL, DOT, and ADA. Kraken’s resttaking integration will also be made available in eligible states.
Kraken "acts as a bridge so people can access the crypto space and participate in a broad range of related activities through a familiar interface and platform," according to Greenberg, who described the company's role in democratizing access to cryptocurrency.
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