As a seasoned researcher with a background in the crypto industry, I find Kraken Institutional’s expansion into the UK and Australian markets to be a strategic move that underscores its commitment to catering to institutional investors. Having closely followed Kraken’s growth trajectory, I have witnessed the exchange’s strong presence in both these regions and their burgeoning institutional crypto scenes.
Kraken’s institutional branch, dedicated to serving large-scale investors on the American cryptocurrency exchange Kraken, unveiled plans for expanding its custodial services into the United Kingdom and Australia.
This move marks its first venture following its initial launch earlier this year.
Kraken Custody’s Expansion
Starting on July 18th, institutional clients based in the UK and Australia can make use of Kraken Custody for securely keeping, managing, and transferring their cryptocurrencies. (According to the official announcement)
In response to the announcement of the platform’s expansion plans, Tim Ogilvie, who leads Kraken Institutional, expressed his thoughts.
“Kraken has a significant footprint in the UK and Australia, making these countries ideal choices for expanding Kraken Custody. The institutional crypto markets in these regions are well-developed, and we believe that launching Kraken Custody locally will allow for greater involvement of these institutions in the cryptocurrency asset class.”
As a Kraken analyst, I’d rephrase it as follows: I. Kraken Custody is provided by Kraken Financial, a US-chartered bank, which commenced qualified custody services in certain American states in March this year. II. In the newly expanded markets of the UK and Australia, Kraken Financial will offer custody services directly, ensuring that clients’ funds and assets are kept distinct from the exchange for added security and providing them with easy access to their assets for withdrawal whenever they need it.
At present, Kraken Custody handles Bitcoins (BTC), Ethereums (ETH), and US Dollar Coins (USDC, on the ERC-20 standard). Later this year, they intend to add more assets to their platform.
Partnerships, IPO, and More
As a seasoned football enthusiast and someone who closely follows the dynamic world of cryptocurrency, I’m thrilled to share my perspective on this exciting new partnership between Kraken, the reputable US-based crypto exchange, and Atlético de Madrid, the esteemed Spanish football club.
As a researcher exploring this partnership, I can tell you that our primary goal is to build bridges between the dynamic world of cryptocurrency and the thrilling sphere of Spanish football. By doing so, we aim to unveil valuable opportunities for both passionate football fans in Spain and Kraken’s expansive user community.
According to recent news, Kraken is considering seeking over $100 million in their last financing round. If successful, they may follow up with an Initial Public Offering (IPO).
Additionally, Kraken introduced its self-managed mobile wallet named “Kraken Wallet” in April this year. With this new wallet, users can easily manage their tokens, NFTs, and DeFi transactions on multiple blockchains including Bitcoin, Ethereum, Polygon, Dogecoin, Binance Smart Chain, Solana, and Arbitrum.
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2024-07-20 18:32