Cryptocurrency exchange Kraken has expanded its
custody services to institutional clients in the UK and Australia. This step
reportedly marks the first international expansion of the service following its
launch in the US as a solution for digital asset management.
Kraken Custody Expands Globally
Initially launched in March, Kraken Custody targets institutional clients with a platform for managing digital assets. Its features include security protocols and access controls, which are integrated into the broader Kraken product suite, offering institutions solutions for their crypto investment strategies.
Additionally, Kraken Custody enables institutions to
manage and scale their strategies effectively. It offers its services through
Kraken Financial, a US-based state-chartered bank. Kraken ensures that clients’
digital assets are held separately from the Kraken exchange.
Speaking about the launch of Kraken Custody in March,
Tim Ogilvie, the Head of Kraken Institutional, said: “Custody has always
been integral to the institutional crypto space, and the recent success of
the Bitcoin ETFs has only underscored the need for a broader range of
qualified custodians.”
“Kraken has 12+ years of experience in
safeguarding client assets, and a qualified custody solution is a core part of
a full-service institutional offering. The release of Kraken Custody is
well-timed to provide the market with an alternative via a secure and trusted
provider.”
Introducing Kraken Institutional, a comprehensive crypto solution that offers institutions all they need to engage in the digital asset-class. Read Global Head of Institutional @Tim_Ogilvie‘s blog for more: https://t.co/gKaUMmORRg pic.twitter.com/k6EgIImKv0
— Kraken Pro (@krakenpro) February 27, 2024
Expanding Digital Asset Custody Services
Kraken Financial provides digital asset custody and
deposit accounts for institutional clients. The platform operates as a separate
entity to ensure funds are held separately from the exchange. Kraken Custody enables clients to store, manage, and transfer crypto
assets.
Early this year, Kraken launched a dedicated platform
for institutional clients, following heightened demand for its services by
institutions after the approval of spot Bitcoin ETFs. Dubbed Kraken
Institutional, this platform incorporates various products and services to
cater to the needs of institutional investors, asset managers, and hedge funds.
Additionally, Kraken operates a digital wallet dubbed Kraken Wallet. The platform is a self-custodial wallet designed to enhance on-chain transactions. Kraken Wallet promises simplicity, security, and functionality by broadening accessibility to decentralized finance.
This article was written by Jared Kirui at www.financemagnates.com.
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