Kraken Custody Extends Services to UK and Australia

Kraken, a leading cryptocurrency exchange, has officially announced the expansion of its Kraken Custody services to institutional clients in the United Kingdom and Australia. This strategic move marks Kraken Custody’s first international rollout following its successful launch in the United States earlier this year.

According to Kraken’s official blog post, the expansion into the UK and Australia is designed to provide both new and existing institutional clients outside the US with a robust digital asset custody product. This initiative is part of Kraken’s broader goal to enhance global access to secure and reliable digital asset storage solutions.

Institutional Needs and Kraken’s Response

Kraken notes that institutions require sophisticated custody solutions that not only secure their digital assets but also enable them to manage and scale their investment strategies effectively. Tim Ogilvie, Kraken’s Global Head of Institutional, explained in an interview with Cointelegraph that choosing the UK and Australia as the next locations for Kraken Custody was a “natural choice,” given their mature financial markets and openness to digital asset integration.

Kraken is not stopping with the UK and Australia. Ogilvie revealed plans for future expansions into other significant markets, including the European Union, Switzerland, Cayman Islands, and the British Virgin Islands, aiming to establish a more comprehensive global footprint.

Technological and Security Enhancements

Kraken Custody distinguishes itself through state-of-the-art security measures developed by an in-house cybersecurity team. “Accounts come equipped with MPC technology and HSMs (Hardware Security Modules) for key storage and policy enforcement, providing clients with flexibility and timely access to their assets, alongside robust security controls,” Ogilvie added.

On July 16, alongside the custody service expansion, Kraken also announced a significant partnership with the UK football club Tottenham Hotspur. This collaboration designates Kraken as Tottenham Hotspur’s first official crypto and Web3 partner and the official sleeve partner for both the men’s and women’s teams. Ryan Norys, the club’s Chief Revenue Officer, stated that this partnership is intended to “drive innovation” in connecting sports franchises with digital asset platforms.

In related news, Kraken has begun the process of distributing reimbursement funds to users, expected to take between seven to fourteen days. This follows a significant transaction where 48,641 Bitcoin worth $3.1 billion was transferred to a Kraken-associated wallet, as per Arkham Intelligence. This effort is part of a broader initiative working in conjunction with Mt. Gox trustees to ensure that recovered funds are appropriately distributed to creditors.

Kraken’s expansion of its Custody services into the UK and Australia represents a significant step forward in its mission to facilitate safe and strategic digital asset management for institutions globally. As Kraken continues to expand and forge strategic partnerships, it sets a robust example for how cryptocurrency exchanges can innovate and scale in response to global institutional needs.

Featured image credit: DALL-E by ChatGPT

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