Markets
Kraken Institutional Launches Custody Services in UK and Australian Cryptocurrency Markets
Kraken Institutional, the specialized arm of U.S.-based cryptocurrency exchange Kraken aimed at institutional investors, has announced the international expansion of its custody services into the United Kingdom and Australia.
This is the first initiative undertaken by the company since the initial launch earlier this year.
Kraken Custody Expansion
According to the official Press releaseInstitutional clients in the UK and Australia can use Kraken Custody to securely store, manage and transfer their crypto assets starting July 18.
Commenting on the platform’s decision to expand its presence, Tim Ogilvie, Head of Kraken Institutional, said:
“Kraken has long had a strong presence in the UK and Australia, so they were prime destinations for Kraken Custody to expand. Both markets have established institutional crypto scenes, and we expect Kraken Custody’s local launch will allow them to increase their engagement in the asset class.”
Kraken Custody is facilitated through Kraken Financial, a US state-owned bank that introduced qualified custody services in select US states in March of this year. In the new jurisdictions of 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). The platform plans to incorporate additional assets later this year.
Partnerships, IPOs and more
Earlier this week, Kraken unveiled its Association with Atlético de Madrid, a major Spanish soccer club. Starting with the next La Liga season, scheduled for mid-August this year, the US-based cryptocurrency exchange will serve as the club’s Official Crypto and Web3 Partner, as well as Official Sleeve Partner.
The primary goal of this partnership is to create connections between the cryptocurrency sector and the world of sports, focusing on unlocking “significant opportunities” for both Spanish football fans and Kraken’s user base.
Even recent reports indicated that Kraken is considering raising more than $100 million in its latest funding round before potentially launching an IPO.
Additionally, Kraken also launched its self-custodial mobile wallet, called “Kraken Wallet,” in April this year. This new wallet allows users to manage their tokens, NFTs, and DeFi assets across various blockchains such as Bitcoin, Ethereum, Polygon, Dogecoin, Base, Solana, and Arbitrum.