Kraken expanding institutional crypto services to the UK and Australia

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As a seasoned researcher with extensive experience in the crypto and financial industries, I am particularly intrigued by Kraken Institutional’s latest expansion into the United Kingdom and Australia. Having closely followed the development of institutional-grade crypto custody solutions, I have observed the growing demand for secure storage and management services for digital assets among high-profile clients like hedge funds and exchange-traded fund issuers.

Kraken Institution, a division of the cryptocurrency exchange Kraken, has recently unveiled plans to extend its custodial services to clients based in the United Kingdom and Australia.

As a researcher studying the cryptocurrency industry, I can explain that Kraken Institutional offers specialized services to prominent clients such as hedge funds and exchange-traded fund issuers. Their primary focus is providing institutional-grade custody solutions for managing crypto assets. In simpler terms, they act as trusted custodians, securely storing and overseeing the digital assets on behalf of these institutions.

Institutional clients of Kraken Financial, a US-chartered bank, can safely keep and move their cryptocurrencies through Kraken’s custody service. This feature operates independently from the exchange. The funds are digitally separated for security, and there is the flexibility to make withdrawals at any time.

Kraken Custody currently handles Bitcoins (BTC), Ethereums (ETH), and USD Coin stablecoins (USDC) as supported assets. Additional assets will be added to the list later in 2023.

Kraken expansion

As a crypto investor, I’m excited to share that Kraken Custody has expanded its services internationally for the first time since the establishment of its institutional business unit in the US back in March 2024.

Clients have the flexibility to access and withdraw their funds from separately managed accounts at any time. Kraken aims to enhance security and streamline the crypto experience for users by providing a more comprehensive range of services.

The Head of Kraken Institutional, Tim Ogilvie, pointed out the significance of the UK and Australia as the next destinations for expansion due to their robust institutional crypto markets that have been firmly established in these countries.

“I believe Kraken’s substantial presence in the UK and Australia markets made those countries the ideal choices for expanding Kraken Custody. These regions boast thriving institutional crypto sectors. By launching locally, we anticipate enhancing the involvement of these markets in the cryptocurrency asset class.”

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2024-07-18 17:18