Kraken Expands Services with New Custody Solution Targeting Institutions

Kraken Expands Services with New Custody Solution Targeting Institutions

Time Stamp: March 20, 2024 10:09 AM
Source Node: 2520484

The crypto exchange Kraken has unveiled a digital assets custody solution for institutional investors in the United States. This new
service is offered under Kraken Financial, the state-chartered bank of the
crypto exchange based in Wyoming.

Kraken Financial is authorized to provide digital
asset custody and deposit accounts for institutional clients. The platform
operates as a segregated entity to ensure funds are held separately
from the exchange. Kraken Financial’s custody offering, aptly named Kraken Custody, enables clients to store, manage, and transfer crypto assets.

Tim Ogilvie, the Head of Kraken Institutional,
mentioned: “Custody has always been integral to the institutional crypto
space, and the recent success of the Bitcoin ETFs has only underscored the need
for a broader range of qualified custodians.”

“Kraken has 12+ years of experience in
safeguarding client assets, and a qualified custody solution is a core part of
a full-service institutional offering. The release of Kraken Custody is
well-timed to provide the market with an alternative via a secure and trusted
provider.”

Streamlining Institutional Crypto Services

Last month, Kraken introduced a dedicated platform for
institutional clients, following the increased demand for its services by
institutions following the approval of spot Bitcoin ETFs. Dubbed Kraken Institutional, this platform integrates
various products and services to cater to the needs of institutional investors,
asset managers, and hedge funds.

Kraken Institutional aims to provide institutions
seamless access to the crypto asset class, offering dependable, scalable, and
easily integrable solutions. The platform encompasses spot trading,
over-the-counter trading, and staking services.

The approval of the first spot Bitcoin ETF by the
Securities and Exchange Commission marked a significant milestone for Kraken.
The exchange’s subsidiary, CF Benchmarks, experienced substantial engagement
from firms seeking spot Bitcoin ETF pricing services, including major players
like BlackRock and Franklin Templeton.

The crypto exchange Kraken has unveiled a digital assets custody solution for institutional investors in the United States. This new
service is offered under Kraken Financial, the state-chartered bank of the
crypto exchange based in Wyoming.

Kraken Financial is authorized to provide digital
asset custody and deposit accounts for institutional clients. The platform
operates as a segregated entity to ensure funds are held separately
from the exchange. Kraken Financial’s custody offering, aptly named Kraken Custody, enables clients to store, manage, and transfer crypto assets.

Tim Ogilvie, the Head of Kraken Institutional,
mentioned: “Custody has always been integral to the institutional crypto
space, and the recent success of the Bitcoin ETFs has only underscored the need
for a broader range of qualified custodians.”

“Kraken has 12+ years of experience in
safeguarding client assets, and a qualified custody solution is a core part of
a full-service institutional offering. The release of Kraken Custody is
well-timed to provide the market with an alternative via a secure and trusted
provider.”

Streamlining Institutional Crypto Services

Last month, Kraken introduced a dedicated platform for
institutional clients, following the increased demand for its services by
institutions following the approval of spot Bitcoin ETFs. Dubbed Kraken Institutional, this platform integrates
various products and services to cater to the needs of institutional investors,
asset managers, and hedge funds.

Kraken Institutional aims to provide institutions
seamless access to the crypto asset class, offering dependable, scalable, and
easily integrable solutions. The platform encompasses spot trading,
over-the-counter trading, and staking services.

The approval of the first spot Bitcoin ETF by the
Securities and Exchange Commission marked a significant milestone for Kraken.
The exchange’s subsidiary, CF Benchmarks, experienced substantial engagement
from firms seeking spot Bitcoin ETF pricing services, including major players
like BlackRock and Franklin Templeton.

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