Kraken Introduces Innovative Onchain Staking for Users
Kraken Unveils New Staking Initiative for U.S. Clients
Kraken, a leading name in the cryptocurrency exchange industry, has made a significant leap by launching an onchain staking product tailored for its U.S. clientele. This innovative solution will be available in 39 states and territories, allowing clients to seamlessly engage in securing networks while enjoying a straightforward user experience.
Secure Participation in Staking
Starting immediately, eligible clients can utilize Kraken Pro to stake a variety of tokens securely. This staking process encompasses bonded staking, a method where users effectively lock their crypto assets for a designated timeframe. As part of this secured process, Kraken takes on the role of delegator, channeling staked assets to validators who manage transaction confirmation and block generation. Clients subsequently receive rewards minus applicable fees for their contributions.
Positive Impact on the Crypto Landscape
Mark Greenberg, Kraken's Global Head of Consumer, remarked on the launch, highlighting its pivotal role in enhancing the U.S. crypto ecosystem. He expressed enthusiasm about reintroducing staking options for U.S. clients through Kraken's platform, underscoring the importance of contributing to blockchain networks' underlying security.
History of Innovation at Kraken
Kraken has a rich history of pioneering in the crypto industry. It was among the first centralized exchanges to offer onchain staking back in 2019, promoting client participation in proof-of-stake (PoS) blockchains. The prior year saw Kraken become a front-runner in allowing clients to restake ETH, benefiting projects that leverage the safety of Ethereum.
Popularity of Proof-of-Stake Mechanism
The proof-of-stake consensus mechanism has gained traction, with numerous staking options emerging worldwide. Kraken's launch of this new onchain staking product aims to level the playing field for U.S. clients, ensuring they have access to the same opportunities as users in other regions.
Bridging Access to Cryptocurrency Activities
Greenberg elaborated on Kraken's mission to act as a vital link, enabling users to explore the vast possibilities within the cryptocurrency arena through a familiar interface. He emphasized that onchain staking is crucial for fulfilling this mission, anticipating a notable impact on the growth and widespread acceptance of crypto as this offering resumes in the U.S.
Diverse Staking Options Now Available
Eligible clients in select U.S. states can now stake 17 different assets, including prominent cryptocurrencies like ETH, SOL, DOT, and ADA. Kraken further enhances its clients' security with slashing insurance provided by third-party sources, along with the rollout of restaking integration in eligible areas.
About Kraken
Founded in 2011, Kraken has established itself as one of the most secure platforms in the crypto sphere. Committed to broadening the global adoption of cryptocurrency, Kraken empowers users to pursue financial freedom and inclusion. Clients can trade over 300 digital assets across six national currencies, including GBP, EUR, USD, CAD, CHF, and AUD.
Kraken is known for offering a wide array of services including spot trading with margin, staking options, regulated derivatives, and comprehensive client support, available around the clock. The platform has set benchmarks in transparency and client confidence, being a pioneer in conducting Proof of Reserves to demonstrate its integrity.
Information and Resources
Users can monitor and adapt their trading strategies via the web or mobile applications for both iOS and Android, ensuring easy access to the markets wherever they are.
Frequently Asked Questions
What is onchain staking?
Onchain staking involves locking up crypto assets to support a blockchain network's operations, allowing users to earn rewards.
Who can use Kraken's new staking product?
Clients residing in eligible states across the U.S. can participate in Kraken's new staking offerings.
What cryptocurrencies can be staked through Kraken?
Clients can stake various assets, including ETH, SOL, DOT, and ADA, among others.
Does Kraken provide any security during staking?
Yes, Kraken offers slashing insurance through third-party providers to safeguard clients' assets during the staking process.
How does Kraken's staking benefit the ecosystem?
By participating in staking, clients contribute to the security of blockchain networks, helping to enhance the overall integrity of the crypto ecosystem.
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