After US Launch, Kraken Expands Custody Services To UK, Australia
Kraken announced the expansion of its Custody services for institutional clients in the UK and Australia, on 18 July 2024. The US-based company is also eyeing European Union, Switzerland, Cayman Islands, and British Virgin Islands in the near future.
The expansion into the UK and Australian markets, marks the international rollout of Kraken Custody, after its launch in the US, in March 2024. “Following the successful US launch of Kraken Custody, this is the initial expansion of Kraken Custody’s availability to international institutional clients,” Kraken’s announcement read.
The popular crypto exchange’s move is intended to provide digital asset custody solutions to institutional clients outside the US, facilitating their entry into the crypto market. One of the main features of Kraken Custody are services that facilitates storage and access to digital assets for institutions, ensuring compliance with regulatory standards.
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UK, Australia: The Natural Choice For Kraken
Tim Ogilvie, head of Kraken Institutional, told Bloomberg, that expanding to the UK and Australia was a natural choice for Kraken Custody.
“Both markets have well-established institutional crypto scenes and we anticipate the local launch of Kraken Custody will enable them to increase their engagement in the asset class,” said Ogilvie.
In the UK and Australia, Kraken Institutional already has a strong presence. Building on that, the company is looking to offer a custody solution that enables the clients “to store, manage, and scale their digital asset strategies effectively.” With this, Kraken Custody is now available to institutional clients in both the UK and Australia.
Ogilvie insisted that the majority of locations where Kraken exchange does business will be covered by the end of the year.
NOW AVAILABLE: Kraken Custody for institutional clients in the UK 🇬🇧& Australia 🇦🇺
✔︎ Cutting-edge security protocols
✔︎ On-chain, segregated assets
✔︎ Role-based access controlsGet started ⤵️ https://t.co/ne8YN281Rl pic.twitter.com/OWwc6Jj6EX
— Kraken Pro (@krakenpro) July 18, 2024
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Kraken’s Recent Power Moves: Tottenham Hotspur, Mt. Gox Reimbursements, Europe
Recently, Kraken formed a partnership with UK football club Tottenham Hotspur. The collaborations aims to bridge the gap between sports franchises and digital asset platforms. As the football club’s crypto and Web3 partner, Kraken will serve as the club’s official sleeve partner for both its men’s and women’s teams.
“Kraken’s vision is that crypto, like football, should be accessible to everyone,” said Mayur Gupta, Kraken’s Chief Marketing Officer.
Additionally, Kraken made an important announcement regarding the reimbursement of funds related to the Mt. Gox case. The exchange confirmed receiving reimbursement funds, which would be distributed over a period of 7-14 days. This marks a significant step in resolving the aftermath of Mt. Gox’s collapse.
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Kraken is also actively looking to broaden its reach in Europe. Back in May 2024, Kraken entered the German market, partnering with local asset manager DLT Finance.
According to market rumours, Kraken may also be eyeing an IPO next year. The company has been focused on raising over $100 million for the same.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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