Kraken Dives Into UK and Australia In Global Crypto Push

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As a seasoned researcher with extensive experience in the cryptocurrency industry, I am particularly intrigued by Kraken’s latest expansion of its Custody service to the UK and Australia. Having closely followed the company’s growth over the years, I have observed its strategic moves and market insights that have positioned it as a leading player in the crypto space.

Kraken, the cryptocurrency exchange, has made significant strides in expanding its Custody service globally by entering the markets of the United Kingdom and Australia.

Kraken For ETF Issuers

Institutionally accredited investors in the United Kingdom and Australia can now utilize Kraken Custody, as announced by the company. This service caters to hedge funds and Exchange-Traded Fund (ETF) issuers. Recognizing the growing institutional demand for cryptocurrency investments, Kraken identified the importance of offering a reliable custody solution.

The expansion of this service to the UK and Australia is not Kraken’s first foray into these regions. On the contrary, it has an established presence in both countries. Therefore, the crypto exchange sees them as the prime destination for Custody service.

“Tim Ogilvie, Kraken’s Head of Institutional Services, expects that the introduction of Kraken Custody in these markets with thriving institutional crypto scenes will boost their involvement in the digital asset class.”

Due to the expansion, investors who meet the criteria in both countries now have the ability to keep, oversee, and transfer cryptocurrencies through Kraken Custody. It’s worth mentioning that Kraken Custody, a service offered by the American company based in San Francisco, was introduced in the US market back in March. Since then, it has primarily focused on providing its services in specific U.S. states.

Kraken intends to broaden its reach by offering its services in additional regions such as the European Union, Switzerland, the Cayman Islands, and the British Virgin Islands.

The assets will be stored offsite by Kraken, yet can be retrieved upon the client’s demand. Kraken’s custodial service differs significantly from its self-managed wallet option.

Kraken Custody Offers Security And Reliability

Trevor Rutar, the CEO of Kraken Financial, shared that the Custody service of their company has undergone stringent security and operational evaluations, making it one of the most secure and dependable crypto custodians in existence.

Currently, Kraken Custody permits holding of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and the U.S dollar-backed stablecoin USDC (ERC20). Soon, more assets will become available for storage.

Kraken has achieved noteworthy accomplishments in recent times, such as partnering with Athletico Madrid. This crypto exchange is now an official sponsor of the renowned Spanish football team. Starting from this year, Kraken assumes the role of the Official Sleeve Partner for both the men’s and women’s jerseys of Atlético de Madrid.

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2024-07-18 17:35