Kraken Custody Expands Reach to the UK and Australia

Kraken, the cryptocurrency exchange, has expanded its Kraken Custody services for institutional clients to the United Kingdom and Australia. This move aims to provide secure digital asset custody solutions to institutions outside the US, marking the first international rollout of Kraken Custody after its successful launch in the US earlier this year.

Institutional Needs

According to Kraken, institutions require a custody solution that enables them to store, manage, and scale their strategies. Speaking to Cointelegraph, Tim Ogilvie, Kraken’s global head of institutional, described the expansion to the UK and Australia as a “natural choice.” He mentioned that Kraken plans to further extend its services to regions like the European Union, Switzerland, Cayman Islands, and British Virgin Islands soon.

Security Features

Kraken Custody offers secure storage and access to digital assets for institutions, adhering to regulatory requirements while enabling market entry. Ogilvie highlighted that Kraken Custody is protected by in-house cybersecurity protocols, using MPC technology and HSMs for key storage and policy enforcement. This ensures clients have flexible and timely access to their assets with robust security controls.

Sports Partnership

On July 16, Kraken announced a partnership with UK football club Tottenham Hotspur. This collaboration makes Kraken Tottenham Hotspur’s first official crypto and Web3 partner, as well as the official sleeve partner for the club’s men’s and women’s teams. Ryan Norys, the club’s chief revenue officer, noted that the partnership aims to drive innovation for both the team and Kraken.

Mt. Gox Reimbursement

Also on July 16, Kraken informed users that it had received reimbursement funds related to the Mt. Gox case, with distributions scheduled over the next seven to fourteen days. Arkham Intelligence data flagged a transfer of 48,641 Bitcoin, worth $3.1 billion, to a Kraken-associated wallet. Kraken has been collaborating with Mt. Gox trustees to ensure appropriate distribution of the recovered funds to creditors.

While the expansion is a positive step for Kraken, the effectiveness of their security measures and the outcome of their strategic partnerships remain to be seen.