Kraken Unstakes $1B in ETH After Shapella Upgrade – What Now?

• Kraken is at the front of Ethereum (ETH) unstaking queue following the blockchain’s Shapella upgrade.
• Kraken has over $1 billion in ETH pending withdrawal, accounting for 63.2% of the total amount.
• Kraken recently reached an agreement with SEC and is pursuing plans to launch its own bank, Kraken Bank.

Kraken Leads Ethereum Unstaking Queue

Kraken has taken a leading position in the Ethereum (ETH) unstaking queue following the blockchain’s recent Shapella upgrade. Data from the blockchain analytics platform Nansen shows that nearly 869,000 ETH, valued at over $1.8 billion, was awaiting withdrawal with Kraken’s share exceeding $1 billion (63.2%).

Shapella Upgrade

The Shapella upgrade marks a significant milestone in Ethereum’s development, encompassing changes to the blockchain’s execution layer (Shanghai upgrade), consensus layer (Capella upgrade), and Engine API. This comprehensive upgrade enables ETH stakers to withdraw their staked crypto along with any accumulated staking rewards.

Kraken Legal Woes

Market observers suggest that Kraken’s dominance of the queue could be triggered by its recent legal woes with U.S regulator, Securities and Exchange Commission (SEC). Last February, Kraken agreed to stop offering staking services or programs to customers based in the U.S and pay $30 million in disgorgement, prejudgment interest and civil penalties as part of its deal with SEC.

Kraken Bank Plans

At the same time, Kraken is also pursuing plans to launch its own bank called Kraken Bank under Wyoming Special Purpose Depository Institution (SPDI) framework which will focus on asset custody and safekeeping for its clients’ cryptoassets such as Bitcoin and USD deposits accounts among other products for institutional investors like qualified custody for advisors and brokers..


With its leading position in Etheruem unstaking queue after Shapella upgrade coupled with ambitious plans to launch its own bank -Kraken Bank- , it looks like that this American exchange is ready to make giant leaps in 2021 even after recent legal challenges posed by US regulator -SEC-.

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