Cryptocurrency exchange Kraken has bagged a major international expansion for its Custody service with a dive into the United Kingdom and Australia.

Kraken For ETF Issuers

The company announced that Kraken Custody is now available to institutional clients in the UK and Australia. This includes hedge funds and Exchange-traded Fund (ETF) issuers. Kraken identified the increasing interest from institutional investors in the cryptocurrency space and the need for custody solutions became paramount.

The expansion of this service to the UK and Australia is not Kraken’s first foray into these regions. On the contrary, it has an established presence in both countries. Therefore, the crypto exchange sees them as the prime destination for Custody service.

“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,” Tim Ogilvie, Head of Kraken Institutional Services wrote.

As a result of the expansion, eligible investors in the both countries can now store, manage and transfer crypto assets in Kraken Custody. Notably, the Kraken Custody service was launched in the United States by the San Francisco based firm in March. Since its launch, it has centered its services in some selected U.S. states.

Kraken plans to expand the services to more locations including the European Union, Switzerland, Cayman Islands and the British Virgin Islands.

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The assets will be held remote from Kraken but will be available for withdrawal on client’s request. Kraken Custody is quite different from the exchange’s self-custodial wallet service.

Kraken Custody Offers Security And Reliability

Trevor Rutar, CEO of Kraken Financial explained that the Custody service has gone through some of the most rigorous security and operational checks of any crypto custodian. As a result, its boasts of top-notch security and reliability.

For now, the Kraken Custody service supports cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and U.S dollar-pegged stablecoin USDC (ERC20). In the near future, additional asset will be added.

Kraken has had several milestones to celebrate recently, including one with Athletico Madrid. The crypto exchange became one of the official sponsors of the Spanish football club. Effective this year, Kraken will also serve as the Official Sleeve Partner for both the club’s men’s and women’s football shirts of Atlético de Madrid.

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The post Kraken Dives Into UK and Australia In Global Crypto Push appeared first on CoinGape.

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Filed under: News - @ July 18, 2024 2:32 pm