Kraken, the second-largest cryptocurrency exchange in the United States, now offers a mobile wallet for users to personally manage their digital assets.
The Kraken Wallet, also known as this, aligns itself with well-known wallets like Binance, OKX, Coinbase, Bitget, and Bybit in functionality.
Kraken Wallet’s Focus on Privacy and Self-Custody
With Kraken Wallet, users have the ability to effortlessly oversee their tokens, NFTs, and DeFi assets across various blockchain platforms like Bitcoin, Ethereum, Polygon, Dogecoin, Base, Solana, and Arbitrum. Furthermore, connecting to renowned decentralized apps is possible, along with receiving continuous customer service assistance around the clock.
Kraken made the Wallet’s source code publicly available on GitHub, demonstrating their dedication to transparency. This action enables outside developers to examine and enhance the wallet’s foundation. Additionally, Kraken established an open-source grant scheme, offering financial incentives to those who discover weaknesses in the code.
When it comes to safeguarding user privacy, Kraken Wallet places a strong emphasis on shielding customer data. The wallet refrains from amassing much information about its users. Specifically, it does not save login credentials, email addresses, or Know Your Customer (KYC) documents. Furthermore, it keeps IP addresses hidden and declines to include internal app analytics for improved privacy experience.
Although prioritizing security and privacy, Kraken Wallet from the firm is labeled as a “hot wallet” due to certain constraints with Apple iOS CryptoKit. This means that the app necessitates an internet connection and supplementary software for transaction verification, increasing the likelihood of private key exposure during the process.
Kraken is Working on Product Expansion
Eric Kuhn, Kraken Wallet’s Product Director, stressed Kraken’s commitment to upholding crypto community values, such as user privacy and open-source codes. He underlined Kraken’s dedication to self-custody of assets, a belief the exchange has championed for more than ten years.
Over the past few months, Kraken has been developing new offerings for its product lineup. On March 20, they unveiled Kraken Custody – a secure solution designed for large-scale institutions.
In November, it became known that Kraken was holding talks with various layer 2 project teams regarding the potential creation of their own layer 2 blockchain by Kraken. This move came shortly after Coinbase launched its roll-up chain, Base, in August.
Kuhn emphasized that Kraken Wallet reflects Kraken’s dedication to the “you hold the keys, you control the cryptocurrency” philosophy, which is crucial for ensuring unrestricted financial access. He pledged to create a top-notch crypto wallet that puts a strong emphasis on transparency, safety, and confidentiality.
Kraken’s representative emphasized that they welcome rivals in the crypto wallet market but remain dedicated to providing an excellent, secure, and multifaceted wallet experience for users who prioritize these features.
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2024-04-21 16:56