Kraken Institutional, a division catering to institutional investors of the US-based crypto exchange Kraken, has recently announced the expansion of its custody services into the UK and Australia. This strategic move marks the first venture of Kraken Institutional following its initial launch earlier this year.
The decision to expand Kraken Custody services into the UK and Australia was driven by the strong presence that Kraken has long held in these markets. According to Tim Ogilvie, Head of Kraken Institutional, both the UK and Australia have well-established institutional crypto scenes, making them prime destinations for the expansion of Kraken Custody services. By launching in these markets, Kraken aims to increase engagement in the asset class among institutional clients.
Kraken Custody is facilitated through Kraken Financial, a US state-chartered bank that offers qualified custody services. In the UK and Australia, Kraken Financial will directly provide 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 in the year.
In addition to its expansion into the UK and Australia, Kraken recently announced a partnership with Atlético de Madrid, a prominent Spanish football club. This partnership will see Kraken serving as the club’s Official Crypto and Web3 Partner, as well as its Official Sleeve Partner. The collaboration aims to create connections between the crypto industry and the sports realm, unlocking significant opportunities for Spanish football enthusiasts and Kraken’s user base.
Reports have surfaced indicating that Kraken is considering raising more than $100 million in its final funding round before potentially launching an IPO. Additionally, Kraken launched its self-custodial mobile wallet, ‘Kraken Wallet,’ earlier this year. This wallet allows users to manage their tokens, NFTs, and DeFi activities across various blockchains, including Bitcoin, Ethereum, Polygon, Dogecoin, Base, Solana, and Arbitrum.
Kraken’s expansion into the UK and Australia, along with its strategic partnerships and future plans, position the exchange as a key player in the crypto industry. The move to offer custody services in new markets and explore innovative partnerships demonstrates Kraken’s commitment to driving growth and engagement in the cryptocurrency space.