New York, Thursday, October 24, 2024 – Kraken, one of the world’s largest cryptocurrency exchanges, has introduced a new feature allowing users to restake their already-staked Ethereum (ETH) on the decentralized finance protocol EigenLayer.
Known for offering a wide range of crypto-related services, Kraken is popular among both retail and institutional investors.
The exchange provides a secure platform for trading, staking, and earning rewards across various cryptocurrencies.
The new restaking feature aims to expand access to on-chain yield opportunities, enabling investors to earn additional rewards without unstaking their ETH. Kraken subsidiary Staked, an EigenLayer operator, will act as the validator for the restaked ETH.
The feature comes at a time when restaking is experiencing rapid growth, with the total value locked in liquid restaking tokens surging by 3000% this year to around $11 billion, according to DefiLlama data. Restaking lets users secure decentralized platforms while earning additional rewards, enhancing the yield potential of their staked assets. Kraken’s global head of asset growth, Mark Greenberg, emphasized that the integration is aimed at lowering the entry barriers for investors.
Kraken’s restaking feature is available to users in Europe, but remains restricted to customers in the U.S. and other regions with geographical limitations.
Kraken, founded in 2011, is a cryptocurrency exchange known for its robust security features and extensive range of crypto services.
It offers spot and futures trading, staking, and margin trading, it caters to both retail and institutional investors.
Headquartered in the US, the exchange operates globally, ensuring regulatory compliance in multiple jurisdictions. Kraken is also recognized for its role in driving the adoption of cryptocurrencies and supporting decentralized finance (DeFi) innovations.
