By Larry Wright
Tim Ogilvie is the head of staking operations at Kraken Exchange. He has recently claimed that a considerable amount of uptrend is expected on the crypto platform. He attributed this new staking frenzy to the Ethereum merge event, where the blockchain shifted to a proof-of-stake mechanism.
These positive changes happened a while before the FTX fallout. For a while, Ethereum merge became the talk of the town within the crypto community. However, Ogilvie has maintained that Ethereum is still working on asserting its dominance in front of established projects like Cosmos and Polkadot.
Ogilvie has been excited about the staking traction on Kraken. He exclaimed that it is going to make a lot of difference for crypto investors when withdrawals are enabled. He also mentioned that there is going to be an increasing number of staking tokens on Kraken in the course of the next 9 months.
He shared the story about how he started staking 5 years ago when he had so many unanswered questions related to the process. The crypto investors at that time had little certainty about the security and working mechanics of staking.
However, at present, around $63 billion in assets has been staked on Kraken, with $5 billion worth of annual returns.
Crypto Staking Gets Investors’ Attention Once Again
A data projection shared by The Block indicates that cryptocurrency investors are once again taking an increasing interest on the same level as last year’s Bull Run.
As per Ogilvie, the transition of Ethereum into PoS has incited real excitement among retail and institutional investors. He also maintained that many institutional investors had on-boarded ETH staking on Kraken because staking is seen as a manageable risk.
Commenting on the matter of FTX collapse, he claimed that the situation is more grave considering that regulated crypto enterprises such as Celsius, Voyager, BlockFi, and FTX are found to be embezzling their customers’ funds.
It is worth noting that Kraken does not have any material exposure to FTX or FTT tokens, as per Ogilvie.