Kraken Institutional, the division catering to institutional investors of Kraken, 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, allowing institutional clients in these regions to securely store, manage, and transfer their crypto assets starting July 18th.
According to Tim Ogilvie, Head of Kraken Institutional, the decision to expand into the UK and Australia was a strategic one. Ogilvie stated, “Kraken has long had a strong presence in the UK and Australia, so they were the prime destinations to expand Kraken Custody to.” It is believed that both markets have well-established institutional crypto scenes, and the launch of Kraken Custody in these regions will facilitate increased engagement in the asset class.
Kraken Custody is facilitated through Kraken Financial, a US state-chartered bank that offers qualified custody services. In the UK and Australia, Kraken Financial will provide custody services directly, ensuring that funds and assets are held separately from the exchange and accessible for withdrawal at any time. Currently, Kraken Custody supports Bitcoin (BTC), Ethereum (ETH), and USDC (ERC20), with plans to incorporate additional assets later in the year.
In addition to the expansion of its custody services, Kraken recently announced a partnership with Atlético de Madrid, a prominent Spanish football club. The US-based crypto exchange will serve as the club’s Official Crypto and Web3 Partner, as well as its Official Sleeve Partner, starting from the upcoming La Liga season. The partnership aims to bridge the gap between the crypto industry and the sports realm, unlocking significant opportunities for Spanish football enthusiasts and Kraken’s user base.
Reports suggest that Kraken is exploring the possibility of raising more than $100 million in its final funding round before potentially launching an IPO. Additionally, the exchange launched a self-custodial mobile wallet named “Kraken Wallet” in April this year. This wallet enables users to manage their tokens, NFTs, and DeFi activities across various blockchains like Bitcoin, Ethereum, Polygon, Dogecoin, Base, Solana, and Arbitrum.
By expanding its custody services internationally, forging partnerships with prestigious organizations, and introducing innovative products like the Kraken Wallet, Kraken is solidifying its position in the crypto space and opening new avenues for growth and development.
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