Kraken Institutional, the branch of the US-based crypto exchange Kraken that focuses on institutional investors, has announced its expansion into the UK and Australia. This marks its first move since its initial launch earlier this year.
Starting July 18th, institutional clients in these regions can use Kraken Custody to securely store, manage, and transfer their crypto assets.
Tim Ogilvie, Head of Kraken Institutional, said, “Kraken has long had a strong presence in the UK and Australia, so they were the prime destinations to expand Kraken Custody to. Both markets have well-established institutional crypto scenes and we anticipate the local launch of Kraken Custody will enable them to increase their engagement in the asset class.”
Kraken Custody Services
Kraken Custody services are provided through Kraken Financial, a US state-chartered bank. In the UK and Australia, Kraken Financial will directly offer custody services, 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), with plans to add more assets later this year.
Partnership with Atlético de Madrid and Future Plans
Earlier this week, Kraken announced a partnership with Atlético de Madrid, a top Spanish football club. From mid-August, Kraken will be the club’s Official Crypto and Web3 Partner, as well as its Official Sleeve Partner. This partnership aims to connect the crypto industry with the sports world, offering significant opportunities for Spanish football fans and Kraken’s users.
Recent reports suggest that Kraken is considering raising more than $100 million in its final funding round before possibly launching an IPO.
Additionally, in April this year, Kraken launched its self-custodial mobile wallet called “Kraken Wallet.” This wallet allows users to manage their tokens, NFTs, and DeFi activities across multiple blockchains such as Bitcoin, Ethereum, Polygon, Dogecoin, Base, Solana, and Arbitrum.
