Kraken will acquire token management platform Magna, The Block reported on Feb. 18 (local time).
Kraken has made 6 acquisitions over the past year, including a $1.5 billion acquisition of NinjaTrader last year.
Magna is a token management platform founded in 2021. It supports token ecosystem operations such as airdrops, asset distribution and staking. Kraken said, "Magna has established itself as core infrastructure managing multi-billion-dollar token ecosystems, aligning with Kraken's vision."
The token management market is becoming increasingly competitive. Anchorage Digital acquired Hedgey last year to bolster its token distribution and vesting solutions. Coinbase also acquired Liquifi, joining the competition.
Kraken co-CEO Arjun Sethi said, "With the acquisition of Magna, we will build open-chain infrastructure to support project token ecosystem operations." He said, "The goal is to provide clear outcomes from idea to execution."
Chi-gyu Hwang
delight@d-today.co.kr