Kraken is relaunching its on-chain staking services for customers in the United States, covering 37 states and two territories.
This move comes after a temporary halt in early 2023 due to a settlement with the U.S. Securities and Exchange Commission (SEC). The resumption of services is available for 17 different assets, including popular cryptocurrencies like Ethereum (ETH), Solana (SOL), Polkadot (DOT), and Cardano (ADA).
Staking Services and Market Impact
The reintroduction of staking services by Kraken is a welcome development for the U.S. cryptocurrency market, indicating a more favorable regulatory landscape under the current administration. This service allows U.S. clients to engage in bonded staking, which supports the security and operability of the underlying blockchain networks.
Kraken has also implemented a restaking feature that will be accessible to clients in the eligible states. To enhance the security and confidence of its users, Kraken’s staking services include slashing insurance, provided by a third-party, to protect against potential losses associated with staking activities.
Kraken’s ability to reintroduce staking services highlights a potential shift towards more defined and supportive regulatory frameworks for cryptocurrency operations in the U.S.