Cryptocurrency exchange Kraken is the latest exchange to enter the staking landscape for cryptocurrencies. In a recent blog post, the exchange announced its staking service would begin December 13 for customers. Through this service, clients can tap into rewards offered by certain types of digital assets running on proof-of-stake networks. To start, it will allow clients to stake on the Tezos network and “earn a fixed rate of 6%.” Unlike some of its competitors, users will be able to start earnings rewards instantly rather than waiting the usual time period of approximately 21 days or 7 “cycles” in Tezos.
Although this will be the only asset supported at launch, the exchange plans to add additional support for other tokens in the future. The move by Kraken follows both Coinbase and Binance which have added staking support for customers recently; demonstrating the shifting dynamic of PoS networks where exchanges want their share of the staking industry.