Cryptocurrency exchange giant Kraken has launched a self-managed mobile wallet called Kraken Wallet, and has also released the app’s code upon launch.
According to Kraken’s launch, Kraken Wallet will allow users to manage NFTs, tokens, and DeFi positions in Bitcoin, Ethereum, Solana, Optimism, Base, Arbitrum, Polygon, and Dogecoin. Users can also connect to popular decentralized applications and access 24-hour customer service support.
The company also released Kraken Wallet’s code on its developer platform GitHub, saying the wallet’s security has been enhanced through third-party review.
The wallet also avoids all but necessary customer data collection in the name of privacy. Kraken does not retain login details, email addresses or customer-identifying information, and the company hides user IP addresses. “Even internal app performance analytics are not collected,” the company adds.
missing key curve
Kraken notes that the Kraken wallet remains a popular wallet because Apple iOS CryptoKit does not support the secp256k1 elliptic curve, which is used to generate encryption keys and digital signatures in blockchain networks such as Bitcoin. The app requires internet access and additional software to sign transactions.
“This means that the private key must be exposed within the memory of the sandbox app environment, at least during signing. This leaves them more exposed to potential threats than wallets that use secure elements to sign transactions,” the company said. “Despite the increased level of protection provided by the inability to directly perform signatures on secure elements, we are committed to providing an open-source mobile cryptocurrency wallet that prioritizes security, transparency, and user control.”
Kraken generated $49.3 billion on the spot market in March, according to The Block’s data dashboard. The company also launched an institutional custody platform called Kraken Custody on March 20.
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