The cryptocurrency exchange Kraken’s subsidiary Kraken Institutional has announced extending its custody services to Australia and the United Kingdom.
Kraken Institutional offers custody solutions for managing cryptocurrency assets to well-known clients like exchange-traded fund issuers and hedge funds. In essence, these solutions are storage services created to handle and preserve digital assets for organizations safely.
Institutional clients of US state-chartered bank Kraken Financial can safely store and move their cryptocurrency holdings with the help of its custody service. It is independent of the exchange. Withdrawals are permitted around the clock, and funds are remotely segregated.
Kraken Expansion
Since establishing the institutional business unit in the US in March 2024, this is Kraken Custody’s first overseas growth. Clients can withdraw their funds anytime because they are held in separate accounts.
The service aims to provide security measures and make it easier and faster for customers to navigate cryptocurrency by utilizing Kraken’s broader product range. Tim Ogilvie, Head of Kraken Institutional, emphasized the strategic decision to expand into Australia and the UK by pointing to their existing institutional cryptocurrency markets. Ogilvie stated:
“Kraken has long had a strong presence in the UK and Australia, so they were the prime destinations to expand Kraken Custody. Both markets have well-established institutional crypto scenes, and we anticipate the local launch of Kraken Custody will enable them to increase their engagement in the asset class”
