Kraken, the widely recognized cryptocurrency exchange, unveiled its self-managed mobile wallet named Kraken Wallet upon launch. Notably, they made the wallet’s source code openly accessible at that time.
Discover the latest addition to our wallet family: the user-friendly, robust, and secure Kraken Wallet. Here’s what it offers:
— Kraken Exchange (@krakenfx) April 17, 2024
According to Kraken’s latest update, users have the ability to oversee their NFTs, tokens, and DeFi assets spanning multiple cryptocurrencies including Dogecoin, Ethereum, Solana, Optimism, Base, Arbitrum, and Polygon. Furthermore, users can access round-the-clock customer service assistance and link up with popular decentralized apps.
The company added that having the Kraken Wallet code publicly available on GitHub allows for third-party evaluations, boosting the wallet’s security.
To protect users’ privacy, Kraken wallet does not save non-essential customer information. Information such as email addresses, login details, and identity verification data are excluded. Additionally, user IP addresses are hidden from Kraken, and the company refrains from collecting internal app usage statistics.
Based on Kraken’s explanation, the popularity of Kraken Wallet continues due to Apple iOS not yet integrating support for the secp256k1 elliptic curve in CryptoKit. This curve is essential for creating digital signatures and cryptographic keys on blockchain platforms like Bitcoin. Consequently, transactions signed through the app must be connected to the internet and rely on additional software.
The company explained that in order for the app to function within its contained environment, the private keys need to be accessible during the signing process. However, this makes the keys more vulnerable to attacks compared to wallets that employ a secure hardware component for transaction signing.
Additionally, the company stated that although they cannot sign transactions on the secure elements for enhanced security, they will instead create an open-source mobile cryptocurrency wallet. This wallet places a high priority on security, transparency, and user control.
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2024-04-17 21:56