In a strategic move towards global expansion, Kraken Institutional, the specialized division catering to institutional investors of US-based crypto exchange Kraken, has announced the international expansion of its custody services into the UK and Australia. This marks a significant milestone for the platform, signaling its commitment to serving clients in key markets beyond the US.
By extending its custody services to institutional clients in the UK and Australia, Kraken aims to provide a secure and reliable platform for storing, managing, and transferring crypto assets. The decision to target these markets was driven by the strong presence that Kraken already has in both regions, making them ideal destinations for the expansion of Kraken Custody. This move is expected to enhance engagement in the asset class within the UK and Australian institutional crypto scenes.
Kraken Custody is facilitated through Kraken Financial, a US state-chartered bank that offers qualified custody services. In the UK and Australia, Kraken Financial will directly provide custody services, ensuring that funds and assets are kept separate from the exchange and available for withdrawal at any time. The platform currently supports popular cryptocurrencies such as Bitcoin, Ethereum, and USDC, with plans to incorporate additional assets in the future.
In addition to the international expansion of its custody services, Kraken recently announced a partnership with Atlético de Madrid, a renowned Spanish football club. This partnership aims to bridge the gap between the crypto industry and the sports realm, offering unique opportunities for Spanish football enthusiasts and Kraken’s user base. Furthermore, reports suggest that Kraken is considering raising over $100 million in its final funding round, potentially paving the way for an IPO in the future.
Apart from its custody services and partnerships, Kraken has been actively introducing new products and services to enhance its offerings. The launch of the self-custodial mobile wallet, known as “Kraken Wallet,” in April this year demonstrates the platform’s commitment to providing innovative solutions for users to manage their tokens, NFTs, and DeFi activities across multiple blockchains. With support for a wide range of cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and Solana, Kraken Wallet caters to the diverse needs of the crypto community.
Overall, Kraken’s expansion into the UK and Australia, coupled with its strategic partnerships and innovative offerings, reflects the platform’s ambitions to establish a strong global presence and solidify its position as a leading player in the crypto industry.