Nearly two years after regulators sued the major American crypto exchange for providing a service similar to Kraken, the company has announced a new holding product for customers in the U.S.

A Kraken director told that” the holding solution that we launched is different from the one we settled with the SEC in February 2023.” By connecting consumer currencies to the network, Kraken only offers administrative support for staking on the cryptocurrency.

The San Francisco-based change announced on Thursday that British clients in 37 states and two territories will be able to play their online assets using the Kraken Pro services starting now.

The change director continued,” These clients will be able to join in connected holding, which locks up/bonds crypto assets to the community for a specific period of time.”

Staking is the process of “locking-up” crypto to maintain a cryptocurrency system running. Those who hold proof-of-stake&nbsp, assets —such as&nbsp, Ethereum ( ETH), the second biggest digital coin—pledge it to the network by sending it to a specific blockchain address. Once they have done that, stakers are compensated when long as they keep their property locked.

But the method has, at days, been controversial. The Securities and Exchange Commission fined Kraken$ 30 million in 2023 and ordered it to stop staking services. The bank’s former president, Gary Gensler, said at the moment that the trade was making income by allowing customers to stake unregulated securities.

But the SEC then has a more crypto-friendly president, Paul Atkins, following the election of President Donald Trump in November. The innovative U.S. commander in chief has made a promise to support the digital property sector.

Kraken’s International Head of Consumer, Mark Greenberg, said in a statement:” We are excited to bring up a brand new product enabling U. S. consumers to resume staking with Kraken and play a major role in bolstering the fundamental security of bitcoin sites”.

A number of major cryptocurrencies require people to play, including Cardano, Solana, and Polkadot.

Daily Debrief Newsletter

Start every day with the best news stories right now, plus unique features, a audio, video and more.

Share This Story, Choose Your Platform!