Kraken Exchange Reintroduces Staking for Ethereum, Solana, Cardano in the U.S.

Kraken, a leading name in the crypto exchange space, has announced the launch of a new onchain staking product tailored for clients in 37 states and 2 territories across the United States. This move allows U.S. clients to once again contribute to the security of various blockchain networks by staking their assets, a process that was previously unavailable to them due to regulatory adjustments. Kraken is reintroducing staking for Ethereum, Solana, Cardano, and others.

Staking Resurgence in the U.S.

The new staking product on Kraken Pro enables clients to engage in bonded staking, where their cryptoassets are locked or bonded to the blockchain network for a defined period. This initiative revives the opportunity for U.S. clients to earn rewards from their staked assets and also reinforces the security of the networks they support. Kraken delegates these staked assets to validators responsible for transaction validation and block production, subsequently distributing the rewards back to the stakers after accounting for fees.

Mark Greenberg, Kraken's Global Head of Consumer, expressed enthusiasm about the relaunch, stating that it marks a significant step forward not only for Kraken but for the entire U.S. cryptocurrency ecosystem. He emphasized the role of staking in enhancing blockchain security and its potential to drive broader crypto adoption. "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," Greenberg noted.

Additionally, with the now pro-crypto Trump admin in office, the crypto landscape is changing optimistically. Kraken's move to reinstroduce staking can be seen as a shift and other U.S. based exchange may soon follow suit.

Kraken has a history of pioneering in staking services, having been the first major centralized exchange to offer onchain staking back in 2019. This experience has positioned Kraken uniquely to reintroduce staking in a way that aligns with current regulations while still pushing the boundaries of what's possible in crypto.