Kraken Institutional, a branch of the US-based crypto exchange Kraken that focuses on serving institutional investors, has recently announced the expansion of its custody services into the UK and Australia markets. This expansion, which comes after the division’s initial launch earlier this year, allows institutional clients in these regions to securely store, manage, and transfer their crypto assets using Kraken Custody starting from July 18th.
Tim Ogilvie, the Head of Kraken Institutional, expressed the platform’s decision to expand into the UK and Australia, citing the strong presence Kraken already has in these markets. He believes that launching Kraken Custody in these regions will further engage institutional investors in the crypto asset class, given their well-established institutional crypto scenes.
Kraken Custody is enabled through Kraken Financial, a US state-chartered bank that introduced qualified custody services in select US states in March. In the UK and Australia, Kraken Financial will provide custody services directly, ensuring that funds and assets are held separately from the exchange and can be withdrawn at any time. Currently, Kraken Custody supports Bitcoin, Ethereum, and USDC, with plans to add more assets later in the year.
In addition to expanding its custody services, Kraken recently announced a partnership with Atlético de Madrid, a prominent Spanish football club. This partnership will see Kraken become the club’s Official Crypto and Web3 Partner, as well as its Official Sleeve Partner starting from the upcoming La Liga season. The goal of this collaboration is to create connections between the crypto industry and the sports world, offering opportunities for both Spanish football fans and Kraken’s user base.
Reports have also surfaced regarding Kraken’s potential funding round, aiming to raise over $100 million before potentially launching an IPO. Furthermore, Kraken introduced its self-custodial mobile wallet, the “Kraken Wallet,” in April. This wallet allows users to manage their tokens, NFTs, and DeFi activities across various blockchains like Bitcoin, Ethereum, Polygon, Dogecoin, Base, Solana, and Arbitrum.
As Kraken continues to expand its services and partnerships, the crypto exchange remains at the forefront of innovation and engagement within the digital asset space. With its focus on institutional investors and strategic growth, Kraken is poised to make significant strides in the evolving crypto landscape.