Kraken Launches Custodial Service for Institutions
Cryptocurrency exchange Kraken introduced the Kraken Custody custodial service for its institutional platform Kraken Institutional.
Kraken Custody is the first product under our new institutional brand. Offered via Kraken Financial, our state-chartered bank that holds fiat deposits in full reserve, it is ideally suited to offer qualified custody solutions for US institutional clients. https://t.co/1TzDm00CBZ
— Kraken Exchange (@krakenfx) March 20, 2024
The service will provide services for storing digital assets and creating deposit accounts for organizations and companies from the United States.
The Kraken Custody platform will allow clients to:
- Manage your cryptocurrency portfolio.
- Move funds.
- Use a “single interface protected by the latest security protocols” of the exchange.
Kraken Institutional CEO Tim Ogilvy:
“Custody has always been an integral part of the institutional crypto industry, and the recent success of the Bitcoin ETF has only highlighted the need for a broader pool of qualified custodians.”
Kraken Institutional operates as a special purpose depository institution.
The platform received a license for this activity in 2020 in the state of Wyoming, which is known for its loyal attitude towards cryptocurrencies.
Customer deposits will be held in separate Kraken Finance company accounts that are not accessible to the parent company.