Kraken Launches Self-Custodial Mobile Wallet Across Eight Networks

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Kraken now offers the Kraken Wallet as an addition to its product range. This self-managed mobile wallet allows users to manage their digital assets across eight significant blockchain networks, including Bitcoin, Ethereum, Solana, Optimism, Base, Arbitrum, Polygon, and Dogecoin. The wallet is engineered to give users full control over their digital assets without compromising between convenience and security.

The Kraken Wallet is designed to simplify various Decentralized Finance (DeFi) tasks and oversee Non-Fungible Tokens (NFTs), making it a versatile instrument for engaging with the expansive digital asset ecosystem. Furthermore, by embracing open-source development, Kraken aligns itself with leading exchanges providing comparable services, distinguishing itself through this commitment.

Kraken’s Commitment to Security and Privacy

By making the Kraken Wallet code publicly accessible on GitHub, Kraken invites global developers to examine, enhance, and potentially discover weaknesses. This open-source methodology not only strengthens the wallet’s security but also fosters trust within the cryptocurrency community.

Kraken’s latest wallet prioritizes user privacy above all else, minimizing the information they gather from their clients. This means no sign-in details, email addresses or KYC data are required, and users’ IP addresses remain concealed. Additionally, Kraken does not collect internal app performance analytics to safeguard traders’ privacy.

Technical Considerations and User Experience

Although the Kraken Wallet boasts a robust structure, it functions as a hot wallet due to a technical constraint: iOS’s CryptoKit lacks support for the elliptic curve, secp256k1. As a result, digital signing processes must be executed online. While this setup exposes private keys temporarily, it is done under secure conditions. Kraken acknowledges this predicament and continues to develop enhancements to bolster security without compromising user convenience.

Kraken spokesman pointed out:

Despite not being able to directly sign transactions on secure elements for enhanced security, our aim is to create an open-source mobile cryptocurrency wallet that prioritizes security, transparency, and user control.

Kraken’s approach strikes a harmonious balance between ensuring security and delivering a user-friendly experience.

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2024-04-17 22:01