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Clients Deposit Over 100K ETH on Kraken’s New Ethereum 2.0 Staking Service

Kraken is pleased to announce its new Ethereum 2.0 staking service has passed a key milestone, with clients depositing over 100,000 ETH (worth more than $60 million) in just four days since launch. 

The total amount staked on Kraken hit the threshold Tuesday, meaning approximately 8% of the ETH currently staked for Ethereum 2.0 is now staked on Kraken. On-chain staking allows clients to help verify the network in return for additional tokens, making it an innovative new revenue stream for investors and traders. 

Kraken is a staunch supporter of innovation in the cryptocurrency space. Just last week, Kraken committed to match up to $150,000 in funding for open-source projects on Ethereum.

Jeremy Welch, Kraken’s VP of Product, commented: 

“Kraken has long been a supporter of Ethereum. In fact, we were one of the first exchanges to list Ether in August 2015. We have watched as Ethereum has continued to grow in significance. As of December 1, ETH trading volumes typically make up between 15-40% of our Bitcoin daily volumes.”

Token holders have previously had little choice other than to stake tokens themselves, something that requires a significant technical understanding.

On Kraken, however, clients can now choose to stake through our exchange platform. As staking via Kraken pools client tokens together, it improves the chances that they will be selected to verify transactions, thereby increasing potential payouts. 

In addition to Ethereum staking, which came online on Friday, clients can also stake tokens on Polkadot, Tezos, Kusama and Cosmos, with support for Flow coming soon.  

At the time of writing, clients could expect to earn anywhere between 5% and 17% on ETH staked on Kraken. With a seamless interface clients can – at any time and with any amount – stake tokens in just three clicks. 

“Our support for staking on Ethereum 2.0 will enrich client experience and reaffirm our commitment to support bleeding-edge innovation,” Welch added. “At Kraken, we are thrilled to play our part just as Ethereum prepares for this bold step forward.”

For more information, please visit the Kraken staking page.

Photo by Nick Chong on Unsplash