In simpler terms, Kraken introduced its cryptocurrency wallet as a new player in the growing market for digital asset storage, aiming to rival companies such as Coinbase and Consensys.
On April 17, the second largest cryptocurrency exchange in America unveiled its self-managed digital wallet. This new solution provides a different option compared to other wallets such as MetaMask, Phantom, and Trust Wallet.
Following Kraken’s announcement, their crypto wallet stands out as the initial one to employ an open-source development approach. This allows blockchain developers and collaborators to freely access and modify the wallet’s source code on GitHub.
According to reports, the storage system prioritizes both privacy and security for users. To ensure this, the cryptocurrency exchange routes users’ actions through their own internal systems – a practice referred to as a disguising technique for IP addresses.
White-hat testers were also encouraged to examine the product for vulnerabilities and potential flaws. Through our open-source incentive plan, we will compensate developers for finding and fixing reported problems and security enhancements.
Discover the latest addition to our wallet family: the Kraken Wallet, designed with ease, security, and robustness in mind.
— Kraken Exchange (@krakenfx) April 17, 2024
After the collapse of FTX and a renewed surge in cryptocurrency popularity, the platform aims to increase its influence across various digital asset industries and challenge competitors such as Coinbase.
Last year, Coinbase introduced its Ethereum layer 2 network, Base. Following this development, Kraken reportedly reached out to various L2 startups to discuss launching a comparable decentralized network of their own. It is worth noting that Kraken currently supports L1 blockchains such as Nibiru.
An institutional division was introduced by the company to cater to large corporations and potentially enter the Bitcoin ETF market. Coinbase, the leading U.S. crypto exchange, has been selected as custodian by six issuers, indicating strong interest in reputable virtual asset service providers amid ongoing SEC legal actions against the company.
Furthermore, the company is pushing harder to obtain necessary licenses in various regions. In just this year, the cryptocurrency marketplace gained approval to operate in the Netherlands, while also introducing a Wyoming-based service for institutional investors to use.
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2024-04-17 20:32