Kraken, the U.S.-based cryptocurrency exchange, has announced the expansion of its custody service to new and existing clients in the United Kingdom and Australia.
This development follows the successful launch of Kraken Custody in the United States earlier this year.
Kraken to establish its presence in the UK and Australia
According to Kraken, the latest expansion is a response to the increasing demand for reliable custody alternatives in the cryptocurrency market.
Tim Ogilvie, Head of Kraken Institutional, emphasized the critical role of custody in the institutional crypto space, stating, “The recent success of the bitcoin ETFs has only underscored the need for a broader range of qualified custodians.”
The custody service, offered through Kraken Financial, a U.S.-based, state-chartered bank, provides institutions with a secure platform to store, manage, and transfer funds. Importantly, it keeps clients’ digital assets segregated from the main Kraken exchange, adding an extra layer of security.
This expansion is a strategic move by Kraken to position itself as a key player in the institutional crypto services market.
The company is leveraging its 12+ years of experience in safeguarding client assets to offer a comprehensive solution that integrates seamlessly with its broader product suite.
Kraken’s move comes as major financial institutions like BlackRock, Franklin Templeton, and Grayscale Investments have chosen competitors for their custody needs, highlighting the growing competition in this space.
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