• Kraken has taken a leading position in the Ethereum (ETH) unstaking queue following the blockchain’s latest Shapella upgrade.
• Nearly 869,000 ETH, valued at over $1.8 billion, is awaiting withdrawal with Kraken’s share exceeding $1 billion.
• Kraken also recently reached an agreement with the U.S. Securities and Exchange Commission and is pursuing plans to launch its own bank, Kraken Bank.
Kraken Unstakes Over $1 Billion in ETH After Shapella Upgrade
Kraken, one of the largest crypto exchanges in the world, has taken a leading position in the Ethereum (ETH) unstaking queue following the blockchain’s recent Shapella upgrade. This upgrade encompasses changes to the blockchain’s execution layer (Shanghai upgrade), consensus layer (Capella upgrade), and Engine API which enables stakers to withdraw their staked crypto along with any accumulated staking rewards. Data from Nansen shows that as of 09:00 a.m. UTC, Kraken holds approximately 63.2% of all ETH pending withdrawal, significantly surpassing its major competitors Coinbase and Huobi who hold 10.8% and 5.1% respectively of all pending withdrawals respectively; totaling nearly 869,000 ETH valued at over $1.8 billion with Kraken’s share exceeding $1 billion USD .
Kraken Reaches Agreement With SEC
Kraken recently reached an agreement with the U.S regulator Securities and Exchange Commission (SEC) under which they agreed to stop offering staking services or programs to customers based in the U.S due to failure “to register offer and sale of their cryptoasset staking-as-a-service program” by SEC standards which are treated as securities; resulting in them having to pay some $30 million dollars in disgorgement ,prejudgment interest ,and civil penalties .
Kraken Plans Expansion
The American exchange is also planning on launching its own bank dubbed Kraken Bank through Wyoming Special Purpose Depository Institution (SPDI) framework which will allow it focus on asset custody and safekeeping for clients . The new venture hopes to create a better kind of crypto & Bitcoin banking experience for customers by introducing deposit accounts both in USD &crypto assets such as Bitcoin ,multiple funding & payments options ,institutional custody products etc .
Overall ,the Shapella Upgrade marks a significant milestone for Ethereum’s development that enabled users such as those from major crypto exchange Kraken have been able take advantage of by having access to withdraw their staked cryptos along with any rewards earned .It added further value when coupled with recent developments such as agreements between SEC & Kraken followed by plans for expansion into launching its own bank ;allowing them provide better banking services while enabling customers focus on asset custody & safekeeping .
• Major Crypto Exchanges are taking advantage of Ethereum’s Shapella Upgrade allowing users access withdraw their staked cryptos along with any rewards earned
• Kraken recently reached an agreement with US Regulator SEC agreeing stop offering certain staking services/programs
• It is pursuing plans expand by launching its own bank called ‘Kraken Bank’ that will focus on asset custody &safekeeping