In a latest development, Kraken, one of the oldest crypto exchanges, has reintroduced blockchain staking products for many U.S. customers, signaling a major shift as the once-stagnant U.S. crypto market heats up.
A new staking product is now available for U.S. clients in 37 states and 2 territories, allowing them to securely support networks. The company plans to expand to more states as allowed.
Commitment To Security
Starting today, clients residing in eligible states will be able to securely stake eligible tokens via Kraken Pro. These clients will be able to participate in bonded staking, which locks up/bonds cryptoassets to the network for a specific period of time.
Clients in select U.S. states and territories will now be able to use Kraken’s onchain staking product to stake 17 assets, including ETH, SOL, DOT and ADA. Kraken’s restaking integration will also be made available in eligible states. Besides, Kraken has also taken security measures to safeguard user’s assets. The exchange confirmed that all staked assets are covered by a third-party insurance provider, offering an additional layer of protection against potential risks.
An End To Stricter Crypto Rules
With Donald Trump back in office, tough crypto rules from the previous administration, especially from the SEC, are being relaxed. In February 2023, Kraken ended its staking service for U.S. customers and paid $30 million to settle SEC charges about unregistered securities.
“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,” emphasized Mark Greenberg, Kraken Global Head of Consumer.
Notably, Kraken was the first major centralized exchange to launch onchain staking in 2019, empowering clients to play a role in securing proof-of-stake (PoS) blockchains. Last year, Kraken became one of the first crypto platforms to enable clients to restake ETH, so EigenLayer projects could benefit from the underlying security of Ethereum.
