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."
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.
