Kraken Brings Crypto Custody Service to the UK

Kraken has expanded its Kraken Custody services to institutional clients in the United Kingdom and Australia. This move aims to offer a secure digital asset custody product to new and existing institutional clients outside the United States.

According to Bloomberg, this marks Kraken’s first international rollout of Kraken Custody after a successful launch in the U.S. earlier this year.

Kraken Expands Custody Services to the U.K. and Australia

Following the introduction of Crypto Institutional Services, institutional clients in these regions can store, manage, and transfer their crypto assets securely through Kraken Custody. This service offers top-notch security and seamless integration with Kraken’s existing product suite. Additionally, funds remain in segregated accounts for added protection.

Tim Ogilvie, Head of Kraken Institutional, highlighted Kraken’s strong presence in the U.K. and Australia. He expects this local launch to boost engagement in the crypto asset class in these markets.

Kraken Custody is offered through Kraken Financial, a U.S. state-chartered bank. Since its launch in March, Kraken Financial has provided qualified custody solutions in select U.S. states. The bank will directly offer these services to clients in the U.K. and Australia. Funds and assets are held remotely from Kraken and can be withdrawn anytime.

Kraken aims to accelerate global crypto adoption for financial freedom and inclusion. Globally, Kraken clients trade more than 200 digital assets and six national currencies, including GBP, EUR, USD, CAD, CHF, and AUD.

Trevor Rutar, CEO of Kraken Financial, emphasized the rigorous security and operational checks Kraken Custody undergoes. He stated that the rollout aims to provide institutions in the U.K. and Australia with a secure and reliable crypto custody solution.

Kraken Co-founder Donates $1M to Trump

Jesse Powell, co-founder of Kraken, has announced a $1 million donation to Donald Trump’s presidential campaign. Most of these donations were made in Ether. Powell expressed his support for Trump on X, highlighting Trump as the only pro-crypto major party candidate in the 2024 Presidential election. 

Meanwhile, Kraken recently faced a significant security incident. The research team discovered a bug that allowed the withdrawal of $3 million worth of crypto. An anonymous security researcher reported the critical bug on June 9. However, it was found that two accounts linked to this researcher exploited the bug to withdraw the funds. 

In other news, Brandon Gath, managing director of Kraken Ventures, predicts a market rebound following recent downturns. He noted that funding and valuations for cryptocurrency and Web3 startups have significantly declined over the past 18 months.