Kraken Institutional, the institutional investor division of the US-based crypto exchange Kraken, has recently announced the expansion of its custody services into the UK and Australia. This move comes after the division’s initial launch earlier this year and aims to provide institutional clients in these regions with the opportunity to securely store, manage, and transfer their crypto assets starting July 18th.
Tim Ogilvie, Head of Kraken Institutional, explained the reasoning behind the expansion, stating that the UK and Australia were chosen as prime destinations due to Kraken’s established presence in both markets. He highlighted the strong institutional crypto scenes in these regions and expressed optimism about how the local launch of Kraken Custody could enhance engagement in the asset class.
Kraken Custody is facilitated through Kraken Financial, a US state-chartered bank that began offering qualified custody services in select US states earlier this year. In the UK and Australia, Kraken Financial will provide direct custody services, ensuring that funds and assets are held separately from the exchange and remain easily accessible for withdrawal. The current assets supported by Kraken Custody include Bitcoin (BTC), Ethereum (ETH), and USDC (ERC20), with plans to add more assets later in the year.
In addition to its custody services expansion, Kraken recently announced a partnership with Atlético de Madrid, a prominent Spanish football club. This partnership, set to commence during the upcoming La Liga season in mid-August, will see Kraken become the club’s Official Crypto and Web3 Partner, as well as its Official Sleeve Partner. The collaboration aims to bridge the gap between the crypto industry and sports realm, providing opportunities for Spanish football enthusiasts and Kraken’s user base alike.
Reports suggest that Kraken is considering raising over $100 million in its final funding round before potentially launching an IPO. Additionally, the exchange introduced its self-custodial mobile wallet, named “Kraken Wallet,” in April this year. This wallet allows users to manage their tokens, NFTs, and DeFi activities across various blockchains, including Bitcoin, Ethereum, Polygon, Dogecoin, Base, Solana, and Arbitrum.
Overall, Kraken’s international expansion of custody services, strategic partnerships, and innovative initiatives demonstrate the exchange’s commitment to catering to institutional clients and enhancing the accessibility of crypto assets in different regions.
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