Kraken Custody expands institutional services to UK, Australia

Kraken Institutional said in a blog post that it has expanded its Kraken Custody services to institutional clients in the UK and Australia.

The expansion is Kraken Custody’s first international move since its US launch in March.

Institutions such as hedge funds and exchange-traded fund issuers require a custody solution that enables them to securely store, manage and scale their digital assets, according to the company.

Kraken Custody is offered through Kraken Financial, a US-based, state-chartered bank that holds clients’ digital assets separate from the Kraken exchange.

International presence

Kraken Institutional already has a strong presence in the UK and Australia, and with the new expansion, the crypto custody product will provide clients there with solutions focused on security and client service, the blog post said.

Tim Ogilvie, global head of Kraken Institutional, told Cointelegraph that Kraken will not stop with the UK and Australia, and plans to enlarge its global footprint through expansion into other markets, including the EU, Switzerland, Cayman Islands, and the British Virgin Islands.