The International Expansion of Kraken Custody Services

Kraken Institutional, the division catering to institutional investors of the US-based crypto exchange Kraken, has announced the expansion of its custody services into the UK and Australia. This move is significant as it marks the first international venture for Kraken Custody since its initial launch earlier this year. According to a press release, institutional clients in the UK and Australia will have access to secure storage, management, and transfer of their crypto assets through Kraken Custody starting July 18th.

Tim Ogilvie, Head of Kraken Institutional, stated that the decision to expand into the UK and Australia was strategic. Both markets have well-established institutional crypto scenes, making them prime destinations for Kraken Custody. By launching in these regions, Kraken aims to increase engagement in the asset class among institutional investors in the UK and Australia.

Apart from expanding its custody services, Kraken has been actively involved in partnerships and innovations in the crypto space. The recent partnership with Atlético de Madrid, a Spanish football club, showcases Kraken’s efforts to bridge the gap between the crypto industry and sports realm. Through this partnership, Kraken aims to unlock new opportunities for football enthusiasts and its user base.

Moreover, Kraken has also launched a self-custodial mobile wallet named “Kraken Wallet” earlier this year. This wallet allows users to manage their tokens, NFTs, and DeFi activities across multiple blockchains, including Bitcoin, Ethereum, Polygon, and Solana.

Future Plans and Potential IPO

Reports suggest that Kraken is exploring the possibility of raising over $100 million in its final funding round before potentially launching an IPO. This move indicates the exchange’s ambitions for further growth and expansion in the crypto market. Additionally, Kraken Custody plans to include more assets later this year, expanding its range of services for institutional clients globally.

The international expansion of Kraken Custody into the UK and Australia represents a strategic move by the exchange to tap into new markets and cater to the growing demand for secure custody services among institutional investors. With partnerships, innovations, and plans for future growth, Kraken is positioning itself as a key player in the evolving crypto landscape.