The renowned cryptocurrency exchange Kraken has significantly expanded its Kraken Custody services to the United Kingdom and Australia. This marks the platform’s first international rollout of its custody services, initially launched in the United States earlier this year. This expansion aims to cater to institutional clients outside the US, providing them with secure digital asset custody solutions.
Kraken Custody Services Expansion
According to an official blog post by Kraken, the decision to expand into the UK and Australia is part of a broader strategy to serve institutional clients globally. The company aims to offer a robust and secure custody solution that enables institutions to store, manage, and scale their digital asset strategies effectively.
Tim Ogilvie, Kraken’s global head of institutional, described the expansion as a “natural choice” for Kraken Custody. Ogilvie elaborated with Cointelegraph, “We’ll be looking to expand to more locations such as the European Union, Switzerland, Cayman Islands, and British Virgin Islands in the near future.”
Kraken Custody Services Expansion: Enhanced Security and Compliance
Kraken Custody services is designed to meet the stringent requirements of institutional investors, ensuring compliance with regulatory standards while providing top-notch security. Ogilvie emphasised that Kraken Custody services are protected by protocols built by their in-house cybersecurity team. “Accounts come with MPC technology and HSMs for key storage and policy enforcements,” Ogilvie explained. “This means clients have more flexibility and timely access to their assets while benefiting from secure and robust controls.”
Growing Influence in the Crypto Space
Kraken’s move into the UK and Australian markets is about expanding custody services and increasing its influence in the global cryptocurrency landscape. The company’s commitment to providing secure and scalable solutions for institutional clients highlights its dedication to driving innovation and growth in the crypto space.
Advertisement Banner
A Partnership with Tottenham Hotspur
In addition to expanding its custody services, Kraken recently announced a partnership with the UK football club Tottenham Hotspur. This collaboration marks Kraken’s first venture into the world of sports, as it will become the club’s official crypto and Web3 partner. As part of the deal, Kraken will also be the official sleeve partner for both the men’s and women’s teams.
Ryan Norys, Tottenham Hotspur’s chief revenue officer, expressed excitement about the partnership, stating that it aims to “drive innovation” for both the team and Kraken. This move is expected to bridge the gap between sports franchises and digital asset platforms, highlighting the growing intersection between cryptocurrency and mainstream industries.
Mt. Gox Reimbursement Efforts
Kraken has also been actively involved in the reimbursement process for the Mt. Gox incident. On July 16, Kraken informed its users that the exchange had received reimbursement funds, which would be distributed over the next seven to 14 days. Arkham Intelligence data indicated a transfer of 48,641 Bitcoin (BTC) worth $3.1 billion to a Kraken-associated wallet. Kraken has worked closely with Mt. Gox trustees to ensure that recovered funds are appropriately distributed to creditors.
The Future of Kraken Custody
As Kraken custody services expansion continues, the platform sets a new standard for security and compliance in the crypto industry. The success of its US launch and the promising start in the UK and Australia indicate a strong demand for Kraken Custody’s offerings.
Investors and institutions looking for reliable and secure digital asset custody solutions will likely find Kraken’s services appealing. With plans to expand to more locations and recent high-profile partnerships, Kraken is positioning itself as a leader in the cryptocurrency space.
Kraken custody services expansion to the UK and Australia is a significant milestone in its journey to becoming a global leader in digital asset management. By providing secure and scalable solutions for institutional clients, Kraken custody services expansion is set to revolutionise how digital assets are stored and managed. As the platform continues to grow and innovate, it remains a formidable player in the rapidly evolving cryptocurrency market. The BIT Journal has more breaking news.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
