Kraken Institutional has extended its custody services to new and existing clients in the UK and Australia.
This expansion follows the launch of Kraken Custody in the U.S. in March, which allows institutions to securely store, manage, and transfer funds within a single interface, integrated with Kraken’s product suite.
Kraken launched its institutional services in February in response to the growing market demand for more custody options. This move came after companies like BlackRock, Franklin Templeton, and Grayscale Investments chose Coinbase as their spot bitcoin exchange-traded fund custodian.
“We anticipate demand for qualified custody solutions will continue to grow alongside the crypto products space.”
Custody is a key component of the institutional crypto space, and the recent success of bitcoin ETFs has highlighted the need for a diverse range of qualified custodians. With over 12 years of experience in safeguarding client assets, Kraken provides a qualified custody solution as part of its comprehensive institutional offering.
Kraken Custody is provided through Kraken Financial, a U.S.-based, state-chartered bank that keeps clients’ digital assets separate from those on the Kraken exchange.
This expansion comes after reports that Kraken might raise over $100 million in a final funding round before potentially going public next year.
While Kraken is expanding its institutional services, it’s also reaching new audiences through a different strategy. The cryptocurrency exchange recently announced a global partnership with Tottenham Hotspur football club, becoming their first official crypto and Web3 partner.
This collaboration aims to bridge the knowledge gap between fans and cryptocurrency, similar to how Kraken Custody provides a secure entry point for institutions in the crypto space.
