The Kraken cryptocurrency exchange has announced that its institutional business division will now be available to clients based in Australia and the UK.
This division will allow the Kraken Exchange to expand its operations globally.
Kraken launched its institutional business unit in the US in March this year. This platform seeks to give institutional investors a unique solution to support digital asset management.
Kraken Expands Institutional Custody To Australia and UK
This institutional business division by Kraken is known as Kraken Custody. This platform seeks to bolster institutional investors’ adoption of digital assets.
In an X post, the Kraken exchange noted that the institutional business unit will offer clients a wide range of benefits in Australia and the UK. These clients will enjoy innovative security protocols to safeguard their digital assets.
The platform will also maintain clients’ digital assets on-chain, ensuring they can access them seamlessly and easily.
In a blog post, the exchange also noted that this platform would ensure that clients outside the US will access secure and trusted custody service providers.
The exchange also said this launch will solidify its presence outside the US. While Kraken is regulated in the United States, the exchange also offers its crypto services across other countries, with the recent expansion set to expand its clientele base.
The exchange said,
We’re proud to offer Kraken Custody to clients outside the U.S., marking a key milestone since it launched in March this year. Kraken Institutional has a strong presence in the UK and Australia. With this expansion, our crypto custody product now provides both existing and new clients in these countries with a robust solution focused on security and client service.
Giving Institutions Secure Storage
The Kraken exchange seeks to provide more crypto custody alternatives in the market. This platform aims to ensure that institutions that want to explore digital asset investment solutions can do so easily.
The Kraken Custody solution wants to ensure investors get cutting-edge security solutions. It also comes with access controls to the entire Kraken product suite.
In its recent blog post, the exchange noted that the platform offered more than secure storage. It also seeks to allow institutions to manage their assets and scale their trading strategies.
The Kraken Custody solution is offered via Kraken Financial, a state-chartered bank in the US. Storing the digital assets on this platform ensures that they are held separately from Kraken. This helps improve overall security by preventing exchange risks like hacking attacks.
In March this year, the Head of Kraken Institutional, Tim Ogilvie, opined that the platform played a crucial role in the institutional crypto industry. He noted that Kraken Custody would fill in the demand for secure custody after the launch of spot Bitcoin exchange-traded funds (ETFs).
