Kraken Institutional has announced the expansion of its Kraken Custody services to institutional clients in the UK and Australia, marking its first international move since its US launch in March. This initiative aims to cater to the growing demand from institutions such as hedge funds and exchange-traded fund issuers, which require secure and scalable solutions for managing digital assets.
Kraken Custody, offered through Kraken Financial—a US-based, state-chartered bank—ensures that clients’ digital assets are held separately from the exchange, providing an additional layer of security.
The recent expansion strengthens Kraken Institutional’s existing presence in the UK and Australia, providing enhanced security and client service to new and existing clients in these regions. Tim Ogilvie, global head of Kraken Institutional, shared with Cointelegraph that this expansion is just the beginning. The firm plans to further extend its global footprint to markets including the EU, Switzerland, the Cayman Islands, and the British Virgin Islands.
Kraken Institutional emphasized the importance of custody in the institutional crypto space in a blog post, stating, “Custody is integral to the institutional crypto space; institutions need a secure and trusted provider to engage in the digital asset class.” The company takes pride in offering Kraken Custody to clients outside the US, marking a significant milestone since its inception earlier this year.
As the demand for custody alternatives grows, Kraken Custody offers institutions a solution that combines advanced security protocols and role-based access controls. This service integrates seamlessly with the broader exchange’s product suite, providing institutions with more than just secure storage. It enables them to manage and scale their digital asset strategies effectively.
Kraken Custody is specifically designed to meet the needs of institutional clients, offering a robust solution that balances security with operational efficiency. The service through Kraken Financial ensures that clients’ digital assets are securely held and managed, separate from the operational activities of the exchange.
Earlier in June, the exchange was reportedly eyeing to raise at least $100 million in a pre-IPO round, with the aim to go public as soon as next year. However, the plans are currently unclear but it seems that many crypto firms are planning to go public. Donald Trump, the current favorite of the crypto community for the 2024 presidential race might make the United States a safe haven for digital assets.
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