Kraken Institutional Launches Custodial Services in UK and Australia Crypto Markets

Kraken Institutional, the specialist institutional investor division of US-based crypto exchange Kraken, has announced the international expansion of its custody services to the UK and Australia.

The move marks its first venture since its initial launch earlier this year.

Kraken Ward Expansion

According to the official press release, institutional customers in the UK and Australia can use Kraken Custody to securely store, manage and transfer their crypto assets starting July 18.

Commenting on the platform’s decision to widen its position, Kraken Institutional Head Tim Ogilvie said:

“Kraken has had a strong presence in the UK and Australia for some time, so they were prime destinations to expand Kraken Custody. Both markets have well-established institutional crypto scenes and we anticipate that the local launch of Kraken Custody will it will allow you to increase your involvement in the asset class.”

Kraken custody is facilitated through Kraken Financial, a US state-licensed bank that introduced qualified custody services in select US states in March of this year. In the new jurisdictions of the UK and Australia, Kraken Financial will directly provide custody services, ensuring that funds and assets are kept separate from the exchange and accessible for withdrawal at any time.

Kraken Custody currently supports Bitcoin (BTC), Ethereum (ETH), and USDC (ERC20). The platform plans to add additional assets later this year.

Associations, IPOs and more

Earlier this week, Kraken announced its partnership with Atlético de Madrid, a prominent Spanish soccer club. Starting with the next La Liga season scheduled for mid-August this year, the US-based crypto exchange will serve as the club’s official crypto and Web3 partner, as well as its official wallet partner .

The primary goal of this partnership is to forge connections between the crypto industry and the sports arena with a focus on unlocking “significant opportunities” for both Spanish soccer enthusiasts and Kraken’s user base.

Recent reports also indicated that Kraken is exploring raising more than $100 million in its final funding round before potentially launching an IPO.

In addition, Kraken also launched its self-custody mobile wallet, named “Kraken Wallet”, in April this year. This new wallet allows users to manage their token, NFT and DeFi activities across various blockchains such as Bitcoin, Ethereum, Polygon, Dogecoin, Base, Solana and Arbitrum.

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