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.
Integrated Custody Solution
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."
Kraken Custody is the first product under our new institutional brand. Offered via Kraken Financial, our state-chartered bank that holds fiat deposits in full reserve, it is ideally suited to offer qualified custody solutions for US institutional clients.https://t.co/1TzDm00CBZ
— Kraken Exchange (@krakenfx) March 20, 2024
Streamlining Institutional Crypto Services
Last month, Kraken introduced a dedicated platform for institutional clients, following the increased demand for its services by institutions after 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.
Introducing Kraken Institutional, a comprehensive crypto solution that offers institutions all they need to engage in the digital asset-class. Read Global Head of Institutional @Tim_Ogilvie's blog for more: https://t.co/gKaUMmORRg pic.twitter.com/k6EgIImKv0
— Kraken Pro (@krakenpro) February 27, 2024
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 theSecurities 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.
This article was written by Jared Kirui at www.financemagnates.com.
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