Key Points:
- Kraken launches institutional custody services in the UK and Australia, with expansion plans.
- Kraken Custody service offers secure digital asset management with advanced security and integration.
- The exchange also plans an IPO next year and partners with Tottenham Hotspur as a crypto and Web3 partner.
Kraken, a cryptocurrency exchange, has launched an institutional business department that is now offering custody services to clients in the UK and Australia, according to Bloomberg.
Read more: Kraken SEC Lawsuit Prepares for New Developments with Debate from the Exchange
Kraken Custody Services Expanded to UK and Australia Lunch
This new division, Kraken Custody, targets users such as hedge funds and exchange-traded fund issuers. Initially launched in the US in March, the San Francisco-based company plans to expand these services to additional regions including the EU, Switzerland, the Cayman Islands, and the British Virgin Islands.
Kraken Custody service aims to provide institutions with a secure and integrated solution for investing in digital assets. The service offers advanced security protocols and role-based access controls, seamlessly integrated with Kraken’s existing product suite. Institutions can store, manage, and scale their investment strategies using Kraken Custody, which is supported by Kraken Financial, a U.S.-based, state-chartered bank that keeps clients’ digital assets separate from the Kraken exchange.
Tim Ogilvie, head of Kraken Institutional, stated that most locations where Kraken operates will be covered by the end of the year. Kraken Custody services for retail and other users are already available worldwide, with a significant share of the Bitcoin/British pound trading market since 2014. Kraken Institutional offers large users enhanced control and functionality, with the custody service marking the beginning of its international expansion. Competitors in the space include Copper and Coinbase Global Inc.
Kraken Eyes IPO and Partners with Tottenham Hotspur
As Kraken expands its offerings and markets, the company is also considering an initial public offering (IPO). It has been in discussions for a pre-IPO fundraising round and aims to go public as early as next year.
Additionally, Kraken recently announced a global brand partnership with Tottenham Hotspur football club. The exchange will be the first official crypto and Web3 partner and the official sleeve partner for the club’s men’s and women’s teams.
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