Kraken Allocates More Than Half A Million Ether To The Platform For Staking Purposes

The users of Kraken, the United States-based crypto exchange, have allocated more than half a million Ether (ETH) to the platform for staking purposes.

Kraken stated:

“The company was pleased to announce that the total amount of ether staked through its platform has now surpassed 500,000 ETH, as the Ethereum community continues to express its support for the much-awaited transition to proof of stake (PoS).”

It has been reported that Kraken breached 500,000 staked ETH recently by reaching 501,300 by the time the exchange’s news hit the public.

However, staking interest for Eth2 grew at the tail end of 2020 leading up to the December beacon chain launch. The launch needed at least 16,384 participants to stake a combined sum of 524,288 ETH or more.


Why were @KrakenFX users able to stake half a million ETH? It appears the frictionless three-click onboarding played a major role in such growth in Ethereum staking on their platform. https://t.co/gh3ZD2vVir (Reporting via @BenjaminPirus) — Cointelegraph (@Cointelegraph) March 17, 2021

The report said that participants can stake on the Ethereum 2.0 network themselves if they own at least 32 ETH and complete certain processes. Kraken ETH staking is more user-friendly and requires less capital. 

The statement said:

“Staking on Kraken can be done in just three clicks and is open to anyone. Clients can stake from as little as just 0.00001 ETH, which is currently worth a little under 2 cents.”

Likewise, ETH staked independently must be held locked indefinitely until certain Eth2 developments are met. ETH staked on Kraken operates under more flexible parameters, depending on regulatory requirements of certain regions.

Thus, Eth2 has been in the works for years, despite a number of setbacks, and still faces a long road ahead.

Source: Cointelegraph | Image: The Daily Swig

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