Kraken has reintroduced crypto staking services for users in the United States.
This comes nearly two years after halting the program due to a settlement with the Securities and Exchange Commission (SEC).
Notably, the new offering is available in 37 states and two territories, allowing eligible users to stake supported tokens through Kraken Pro. The exchange plans to expand access to more states as regulations permit.
Resuming Staking Services in the US
The reintroduction of staking follows Kraken’s February 2023 decision to discontinue its staking-as-a-service program after reaching a $30 million settlement with the SEC.
The regulatory action asserted that the company’s previous staking service violated securities laws. Now, Kraken has adjusted its approach, enabling U.S. clients to stake digital assets in compliance with regulations.
Eligible users can participate in bonded staking, which requires storing assets for a set duration. The exchange entrusts these staked assets to validators responsible for block production and transaction validation. Validators return staking rewards to Kraken, which then distributes them to clients after deducting applicable fees.
Kraken’s Global Head of Consumer, Mark Greenberg, described the relaunch as a major win for the company and the broader U.S. crypto industry.
Supported Tokens and Network Security
Kraken’s staking services support 17 digital assets, including Ethereum (ETH), Solana (SOL), Polkadot (DOT), and Cardano (ADA).
U.S. clients will also have access to re-staking, which allows them to stake ETH for use in EigenLayer projects that benefit from Ethereum’s security.
Kraken Staking History
Notably, Kraken initially introduced on-chain staking in 2019, providing clients with a means to participate in securing proof-of-stake (PoS) blockchains.
PoS mechanisms have gained traction in recent years, with a growing number of staking opportunities available. The ability to stake digital assets contributes to blockchain network security by increasing decentralization and validating transactions.
Kraken’s move to reinstate staking for U.S. clients aims to align available services with those offered to its global user base.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
