Kraken Institutional Expands Its Custody Services to the United Kingdom and Australia

Kraken Institutional works with high-profile clients like hedge funds and exchange-traded fund issuers, providing custody solutions for managing crypto assets.

Kraken Institutional, a division of the cryptocurrency exchange Kraken, has announced the expansion of its custody services to the United Kingdom and Australia.

Catering to the needs of hedge funds and exchange-traded fund issuers, among other high-profile clients, Kraken Institutional offers custody solutions for managing crypto assets. These solutions effectively serve as storage services, designed to securely store and manage digital assets on behalf of institutions.

Separate from the exchange, the custody service is offered by Kraken Financial, a US state-chartered bank, enabling institutional clients to securely store and transfer their crypto assets. The funds are remotely segregated, and 24/7 withdrawals are available.

Currently, Kraken Custody only supports Bitcoin (BTC), Ethereum (ETH), and the USDC stablecoin (USDC), with plans to add more assets later this year.

This marks the first international expansion of Kraken Custody since the institutional business unit was launched in the United States in March 2024. The service is designed to complement Kraken’s wider product suite, offering security measures and enabling clients to navigate crypto easier and faster.

Highlighting the strategic choice of the UK and Australia for this expansion, Tim Ogilvie, Head of Kraken Institutional, pointed to the well-established institutional crypto markets in both countries.

“Kraken has long had a strong presence in the UK and Australia, so they were the prime destinations to expand Kraken Custody to,” said Ogilvie. “Both markets have well-established institutional crypto scenes, and we anticipate the local launch of Kraken Custody will enable them to increase their engagement in the asset class.”

The above is the detailed content of Kraken Institutional Expands Its Custody Services to the United Kingdom and Australia. For more information, please follow other related articles on the PHP Chinese website!