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- Kraken has relaunched on-chain staking in 39 U.S. states, supporting 17 crypto assets like ETH, SOL, DOT, and ADA.
- Kraken ensures staking security with third-party slashing insurance while planning expansion to more U.S. states based on regulations.
Following almost two years of suspending its on-chain staking service for US users, Kraken has at last brought back the feature in 39 states. These days, the crypto exchange provides staking for 17 crypto assets—including Cardano (ADA), Polkadot (DOT), Ethereum (ETH), Solana (SOL).
Staking Service Returning After SEC Conflict
Kraken had ceased its staking service in the US, not without cause. Following a settlement with the US Securities and Exchange Commission (SEC), the exchange was compelled in February 2023 to pay a fine of $30 million. The SEC stated at that time that Kraken’s staking service fell under unregistered security classification. Although the service stayed accessible to customers in other areas, Kraken had to close staking for US users.
But Kraken is back now with a staking strategy changed to fit rules. Users of this new service can assign their assets through Kraken Pro to validators in charge of blockchain network security and transaction processing. Users will get staking rewards in return following specific fee deduction.
“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,” said Mark Greenberg, Kraken Global Head of Consumer. He added:
“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.”
Kraken: Additional Protection and Expansion Plans
To guarantee user safety, however, Kraken also puts additional security policies into place. One of them is cutting insurance from a third-party supplier meant to lower the staking procedure risk of asset loss by penalties. For those who wish to keep staking without worrying about unexpectedly losing money, this phase is really welcome news.
Moreover, Kraken intends to provide this staking service in more US states, hence broadening its range. Still, the rules of every area will determine this development. The company said they will keep collaborating with authorities to guarantee this service keeps following relevant rules.
Three New Tokens Added to the Trading List
Not only that, you know! On its platform, Kraken has also lately added three more tokens to the list of trading assets. There are PENGU, SIGMA, and ME tokens, according to CNF. This also indicates that Kraken keeps trying to give its users more options in the crypto space.
With this action, Kraken reinforces even more its status as one of the creative crypto exchanges, overcoming several legal obstacles. This is absolutely a welcome change for US staking aficionados and crypto traders, as many staking sites were closed under government pressure before.
It would be interesting to observe how Kraken and other platforms keep changing to fit rules while still giving their users the finest possibilities going ahead.
