3 min read

Luganodes Response to SEC Charges Against Kraken

Our views on some recent events

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Published on

15 Feb, 2023

Kraken’s recent shutdown of its staking services for its U.S. clients has shocked many, including us. As one of the major cryptocurrency exchanges in the United States, Kraken provided its services to thousands of people, who are now stranded. Beginning this week, Kraken will unstake all U.S. client assets enrolled in their on-chain staking program. These events have created doubts about the reliability of U.S.-based staking providers and disrupted investment plans for many. In light of this, Luganodes provides a solution for those affected.

We extend an invitation to all affected delegators to consider staking with Luganodes. Luganodes operates as a 100% non-custodial staking service provider. We believe that the recent charges by the SEC will not affect the non-custodial staking ecosystem, and although painful for those involved, points to the clear benefits of non-custodial staking vs centralized.

<testiomonial
content="Whether it’s through staking-as-a-service, lending, or other means, crypto intermediaries, when offering investment contracts in exchange for investors’ tokens, need to provide the proper disclosures and safeguards required by our securities laws. Today’s action should make clear to the marketplace that staking-as-a-service providers must register and provide full, fair, and truthful disclosure and investor protection." name="Gary Gensler" designation="SEC Chair" image=https://pbs.twimg.com/profile_images/1642588521813753862/ArnJ4KC3_400x400.jpg />

With Luganodes, stakers retain complete ownership and control over their assets. There is no need to transfer your funds to a third party to participate in staking. This mitigates the risk of theft, hacking, or misappropriation of your funds. The rewards are shared directly with you by the network, giving you complete transparency and control over your earnings.

Luganodes is a paragon of stability, running live validator nodes with 99.99% uptime on 10+ PoS networks.. We currently provide staking services on Polygon, Tron, Cosmos, Polkadot, Kusama, Near, Radix & Cardano. Ethereum and Avalanche will be live in the very near future.

Our company operates in the city of Lugano, Switzerland, which is recognized for its stable jurisdiction and trusted institutions. Luganodes is a part of the Lugano Plan B program, driven by the city of Lugano to accelerate the use of blockchain technology and transform the city’s financial infrastructure. As part of this program, we receive full institutional support from the city’s governing body.

Our commitment to maintaining the integrity of the web3 sphere is reflected in our AAA rating from stakingrewards.com, which recognizes us as one of the top 5 verified staking providers. Our focus on decentralization and transparency guides all our actions and helps us maintain the highest standards of security and reliability for our clients. We will endeavor to continue building the most secure and decentralized staking service for all users, regardless of jurisdiction.

If you are currently staking on a centralized service provider and would like to explore a truly transparent, secure, and 100% non-custodial staking solution, Luganodes is the way to go. Please reach out to Luganodes via our website https://www.luganodes.com/ or send us a mail at [email protected] and our team will get back to you in no time.

About Luganodes

Luganodes is a world-class, Swiss-operated, non-custodial blockchain infrastructure provider that has rapidly gained recognition in the industry for offering institutional-grade services. It was born out of the Lugano Plan B Program, an initiative driven by Tether and the City of Lugano. Luganodes maintains an exceptional 99.9% uptime with round-the-clock monitoring by SRE experts. With support for 36+ PoS networks, it ranks among the top validators on Polygon, Polkadot, Sui, and Tron. Luganodes prioritizes security and compliance, holding the distinction of being one of the first staking providers to adhere to all SOC 2 Type II, GDPR, and ISO 27001 standards as well as offering Chainproof insurance to institutional clients.

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