Kraken Institutional, the division of the US-based crypto exchange Kraken that caters to institutional investors, has recently announced the expansion of its custody services into the UK and Australia. This move signifies a significant step for Kraken Institutional as it marks the first international venture following its initial launch earlier this year. Institutional clients in the UK and Australia can now take advantage of Kraken Custody to securely store, manage, and transfer their crypto assets starting from July 18th.
Tim Ogilvie, Head of Kraken Institutional, emphasized the decision to expand into the UK and Australia by stating that both markets have well-established institutional crypto scenes. He mentioned that Kraken has already established a strong presence in these regions, making them ideal destinations for the expansion of Kraken Custody. The local launch of Kraken Custody is expected to increase engagement in the asset class within these markets.
Enhanced Custody Services
Kraken Custody, facilitated through Kraken Financial, a US state-chartered bank, ensures that funds and assets are held separately from the exchange and are accessible for withdrawal at any time. The custody services in the UK and Australia will be provided directly by Kraken Financial, offering institutional clients a secure and reliable solution for managing their crypto holdings. Currently, Kraken Custody supports Bitcoin (BTC), Ethereum (ETH), and USDC (ERC20), with plans to incorporate additional assets later in the year.
Partnership with Atlético de Madrid
In addition to the expansion of its custody services, Kraken recently announced a partnership with Atlético de Madrid, a prominent Spanish football club. As the Official Crypto and Web3 Partner, as well as the Official Sleeve Partner of the club, Kraken aims to establish connections between the crypto industry and the sports realm. The partnership is set to unlock significant opportunities for Spanish football enthusiasts and Kraken’s user base alike.
Reports have surfaced indicating that Kraken is considering raising more than $100 million in its final funding round before potentially launching an IPO. Additionally, the crypto exchange launched its self-custodial mobile wallet, known as “Kraken Wallet,” in April this year. This wallet enables users to manage their tokens, NFTs, and DeFi activities across multiple blockchains, including Bitcoin, Ethereum, Polygon, Dogecoin, Base, Solana, and Arbitrum.
Overall, the international expansion of Kraken Institutional’s custody services, coupled with strategic partnerships and innovative developments, demonstrates the exchange’s commitment to providing cutting-edge solutions for institutional investors and fostering growth in the crypto industry.
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