Cryptocurrency exchange Kraken has announced the expansion of its Kraken Custody services to institutional clients in the United Kingdom and Australia. This initiative aims to provide secure digital asset custody solutions for both new and existing institutional clients outside the United States.
This marks Kraken’s first international rollout of Kraken Custody since its successful launch in the U.S. earlier this year. The official blog post highlights that institutional clients “require a custody solution that enables them to store, manage, and scale their strategies.”
Tim Ogilvie, Kraken’s global head of institutional, explained that expanding to the UK and Australia was a “natural choice” for Kraken Custody. He also mentioned plans to expand to other regions soon, including the European Union, Switzerland, Cayman Islands, and British Virgin Islands.
Kraken Custody facilitates secure storage and access to digital assets for institutions, ensuring regulatory compliance as they enter the crypto market. Ogilvie emphasized that “Kraken Custody is protected by protocols” developed by the company’s in-house cybersecurity team. He added that the custody accounts feature MPC technology and HSMs for key storage and policy enforcement, offering clients flexibility and secure access to their assets.
Football Partnership
On July 16, Kraken announced a partnership with UK football club Tottenham Hotspur, making Kraken the club’s first official crypto and Web3 partner. Kraken will also be the official sleeve partner for Tottenham Hotspur’s men’s and women’s teams. Ryan Norys, the club’s chief revenue officer, stated that the partnership aims to “drive innovation” for both the team and Kraken.
Mt. Gox Reimbursement
In another development, Kraken informed its users on July 16 that it had received reimbursement funds from Mt. Gox, which will be distributed over the next seven to fourteen days. Arkham Intelligence reported a transfer of 48,641 Bitcoin, valued at $3.1 billion, to a wallet believed to be associated with Kraken. The exchange has collaborated with Mt. Gox trustees to ensure that the recovered funds are properly distributed to creditors.
These strategic moves demonstrate Kraken’s commitment to expanding its services and enhancing its global footprint in the cryptocurrency market. The expansion of Kraken Custody and the new partnership with Tottenham Hotspur highlight the company’s efforts to innovate and grow in various sectors.
