Kraken Institutional Enhances Custody Services for UK and Australia Markets

Kraken Institutional has extended its sophisticated custody services to cater to both new and existing clientele in the UK and Australia. This expansion follows the successful debut of Kraken Custody in the U.S. in March, an initiative designed to provide institutions with a secure, integrated platform for storing, managing, and transferring digital assets.

Meeting Growing Demand for Qualified Custody Solutions

In an earlier conversation with The Block, a Kraken spokesperson highlighted the increasing demand for qualified custody solutions within the expanding crypto product space. This market trend is further evidenced by Kraken’s launch of its institutional services in February, a strategic move coinciding with BlackRock, Franklin Templeton, and Grayscale Investments selecting Coinbase as their custodian for spot Bitcoin exchange-traded funds.

“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,” remarked Tim Ogilvie, Head of Kraken Institutional, in March. “Kraken’s extensive 12+ years of experience in safeguarding client assets underscores our commitment to providing a comprehensive institutional offering with a robust custody solution.”

Integrated Custodial Services via Kraken Financial

Kraken Custody services are delivered through Kraken Financial, a U.S.-based, state-chartered bank. This ensures a high level of security by segregating clients’ digital assets from Kraken’s exchange operations, thus providing an added layer of protection for institutional investors.

Future Prospects and Potential Public Offering

This expansion comes amidst reports suggesting Kraken’s ambition to raise over $100 million in a final funding round before a potential public offering next year. This move aligns with the company’s strategy to solidify its market position and enhance its service offerings to meet the evolving needs of the institutional crypto market.

With its latest expansion into the UK and Australia, Kraken continues to reinforce its reputation as a trusted provider of comprehensive and secure digital asset custody solutions for institutional clients worldwide.