Kraken Institutional has expanded its custody services to existing and new customers in the UK and Australia.
This move follows the launch of Kraken Custody in the U.S. in March, which is designed to allow institutions to securely store, manage, and transfer funds from a single interface that is integrated with the rest of the Kraken product family.
“We expect demand for qualified custody solutions to continue to grow alongside the cryptocurrency product space,” a Kraken spokesperson told The Block at the time.
Kraken launched institutional services in February after BlackRock, Franklin Templeton, and Grayscale Investments selected Coinbase as the custodian for their spot Bitcoin exchange-traded funds, arguing that the market is looking for more custodial alternatives.
“Custody has always been essential to the institutional cryptocurrency space, and the recent success of the Bitcoin ETF has only underscored the need for a broader range of qualified custodians,” Tim Ogilvie, head of Kraken Institutional, said in March. “Kraken has over 12 years of experience protecting client assets, and qualified custody solutions are a core part of our full-service institutional offering.”
Kraken Custody is provided by Kraken Financial, a U.S. state-chartered bank that segregates customers’ digital assets on the Kraken exchange.
The expansion follows reports last month that Kraken was looking to raise more than $100 million in a final funding round before going public next year.
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