Kraken expanding institutional crypto services to the UK and Australia

Kraken Institutional, part of cryptocurrency exchange Kraken, has announced that it has expanded its custody services to the United Kingdom and Australia.

Kraken Institutional works with high-profile clients such as hedge funds and exchange-traded fund issuers to provide custody solutions for managing crypto assets. These solutions are essentially custodial services designed to securely store and manage digital assets on behalf of institutions.

The custody service, offered by Kraken Financial, a US government-approved bank, allows institutional clients to securely store and transfer crypto assets. It is available separately from the exchange. Funds are separated remotely and withdrawals are enabled 24/7.

Kraken Custody only supports Bitcoin (BTC), Ethereum (ETH), and the USDC stablecoin (USDC), with support for more assets coming later this year.

Kraken expansion

This marks Kraken Custody’s first international expansion since its institutional business unit launched in the US in March 2024.

Funds are held in segregated accounts, so customers can withdraw their assets at any time. By using Kraken’s broader suite of products, the service hopes to offer security measures and make it easier and faster for customers to navigate crypto.

Kraken Institutional President Tim Ogilvie emphasized that the UK and Australia were strategic choices for this expansion, citing the well-established institutional cryptocurrency markets in both countries.

“Kraken has long had a strong presence in the UK and Australia, so they were prime destinations for us to expand Kraken Custody. Both markets have well-established institutional crypto scenes, and we anticipate that the local launch of Kraken Custody will enable them to increase their participation in the asset class,” Ogilvie said.