📰 Table Of Contents
Kraken Launches Crypto Custody Service for Institutional Clients
Crypto exchange Kraken recently introduced a new crypto custody service in the US, specifically tailored for institutional clients. This move marks a significant development in the crypto market and reflects the growing interest from institutional investors.
Kraken Financial: The Provider of Crypto Custody Service
Kraken Financial, a state-chartered bank based in Wyoming, is the entity behind the newly launched crypto custody service. This service encompasses digital asset custody and institutional deposit accounts, catering to the specific needs of institutional clients.
Key Highlights of the Announcement
- Launch of Kraken Custody service by Kraken Financial
- Focus on institutional clients in the US market
- Offering digital asset custody and institutional deposit accounts
The launch of Kraken Custody comes at a time of heightened excitement in the crypto market, following the approval of Spot Bitcoin ETFs. This approval has led to increased optimism and wider adoption of cryptocurrencies among institutional investors.
Independence of Kraken Financial
It is important to note that Kraken Financial operates independently from the main Kraken exchange, ensuring that funds and assets are kept separate. This setup, based in Wyoming, aligns with the state’s progressive approach to crypto regulation, as demonstrated by initiatives like the fintech sandbox launched in 2020.
Expansion of Crypto Custody Services
The global market for crypto custody services is witnessing a surge in competition with the entry of major financial institutions. Notable examples include HSBC, Custodia Bank, Taurus, and Zodia Custody, each offering unique solutions tailored to institutional clients in different regions.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
