Kraken Expands Institutional Crypto Custody to UK and Australia
Kraken, a prominent cryptocurrency exchange, has announced the expansion of its Kraken Custody services to institutional clients in the United Kingdom and Australia. This marks the first international rollout of the service following its successful launch in the United States earlier this year.
Kraken Custody, offered through Kraken Financial, a U.S.-based state-chartered bank, aims to provide institutional clients with a secure solution for storing, managing, and scaling their digital asset strategies. The service keeps clients’ digital assets separate from the Kraken exchange, ensuring enhanced security and compliance with regulatory requirements.
Tim Ogilvie, Kraken’s global head of institutional, explained the strategic move: “Expanding to the UK and Australia was a natural choice for Kraken Custody. Both markets have well-established institutional crypto scenes, and we anticipate the local launch will enable them to increase their engagement in the asset class.”
The custody service incorporates advanced security measures developed by Kraken’s in-house cybersecurity team. These include Multi-Party Computation (MPC) technology and Hardware Security Modules (HSMs) for key storage and policy enforcement, providing clients with flexible and timely access to their assets while maintaining robust security controls.
Currently, Kraken Custody supports Bitcoin, Ethereum, and USDC stablecoin, with plans to expand its asset support later this year. The service allows for 24/7 withdrawals and integrates with Kraken’s broader product suite, offering institutions a comprehensive solution for their crypto investment strategies.
This expansion comes at a time of growing demand for qualified custody solutions in the crypto space, particularly following the recent success of Bitcoin ETFs. Kraken aims to provide the market with an alternative through a secure and trusted provider, leveraging its 12+ years of experience in safeguarding client assets.
Looking ahead, Ogilvie mentioned plans to further expand Kraken Custody to other locations, including the European Union, Switzerland, Cayman Islands, and British Virgin Islands in the near future.
