Cryptocurrency exchange Kraken has reintroduced crypto staking services to U.S. customers. It is after a long break with regulatory issues. The service is available now in 37 states and two U.S. territories, and is expanding to more as states approve.
Crypto staking refers to the locking of cryptocurrency for a certain period of time to aid blockchain network security. In return, they earn rewards. The service is offered to trade 17 digital assets on Kraken, popular digital assets such as Solana (SOL) and Ethereum (ETH) among them.
Kraken reportedly stopped offering staking services in the U.S. in 2023 due to a legal problem with the U.S. Securities and Exchange Commission (SEC). The SEC asserted that Kraken was not complying with the rules for staking services. The staking program will be closed for U.S. users and Kraken paid a $30 million fine. However, things have changed as we now have the U.S. government with new policies and President Donald Trump who is in a pro crypto stance.
The new leadership of the SEC has become more supportive of cryptocurrencies, permitting Kraken to bring back its staking services. Kraken’s Global Head of Consumer Mark Greenberg also said this is a positive move for Kraken and the entire U.S. crypto industry. By offering staking once again, he believes Kraken can help increase the use of cryptocurrencies in the U.S. and help enhance the security of blockchain networks.
Kraken Pro is a platform built for more experienced users, and the new staking service will be available through it. This allows the holders to lock their crypto assets and gain rewards in return for helping to secure the networks.
All in all, this is a big step forward for Kraken and the U.S. crypto space in general.
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