- Kraken Institutional has announced the expansion of its custody services to the UK and Australia.
- This move follows the launch of Kraken Custody earlier this year.
- Tim Ogilvie, Head of Kraken Institutional, commented on the expansion.
Kraken Institutional expands its custody services to new horizons, empowering institutional investors in the UK and Australia.
Kraken Custody’s Strategic Expansion
In a pivotal move, Kraken Institutional has extended its custody services to institutional clients in the UK and Australia. This expansion, set to go live on July 18th, marks the first international venture since the initial launch of Kraken Custody earlier this year. The service provides a secure method for managing and transferring crypto assets, tailored specifically for institutional investors in these regions.
The Significance of UK and Australia Markets
Tim Ogilvie, the Head of Kraken Institutional, highlighted the choice of the UK and Australia for this expansion. According to Ogilvie, these markets were prime candidates due to their well-established institutional crypto sectors. This local launch aims to deepen engagement in the crypto asset class within both markets, leveraging Kraken’s existing strong presence.
How Kraken Custody Operates
Kraken Custody is operated through Kraken Financial, a US state-chartered bank. The bank initiated its qualified custody services in select US states in March of this year. Kraken Financial will directly manage custody services in the UK and Australia, ensuring that client funds and assets are securely held and always accessible for withdrawal.
Supported Assets and Future Plans
Currently, Kraken Custody supports major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and USDC (ERC20). There are plans to expand this list to include additional assets later in the year, catering to the growing needs of institutional investors.
Broader Strategic Initiatives
This expansion is part of a broader strategic initiative by Kraken. Earlier this week, Kraken announced a partnership with the Spanish football club Atlético de Madrid. Starting from the upcoming La Liga season in mid-August, Kraken will serve as the club’s Official Crypto and Web3 Partner. This partnership aims to bridge the gap between the crypto industry and the sports world, creating substantial opportunities for Spanish football fans and Kraken users.
Financial Growth and Future Prospects
Kraken is also exploring the potential of raising over $100 million in its final funding round before potentially launching an Initial Public Offering (IPO). In addition to these financial moves, Kraken introduced a self-custodial mobile wallet called “Kraken Wallet” in April. This wallet supports a range of tokens, NFTs, and DeFi activities across multiple blockchains including Bitcoin, Ethereum, Polygon, and more.
Conclusion
The expansion of Kraken Custody into the UK and Australia signifies a major step in Kraken’s global strategy. By leveraging its strong market position and tailoring services to institutional investors, Kraken Institutional is poised to enhance its engagement in key international markets. Alongside other strategic initiatives, Kraken continues to solidify its role as a leader in the crypto industry, with promising prospects for future growth and innovation.
