Kraken, the San Francisco-based cryptocurrency exchange, has announced that it is expanding its custody services to the UK and Australia. The firm indicated that its success with Kraken Custody, which launched in March 2024, triggered this move.
Kraken Extends Its Reach To The UK And Australia
In its blog post announcing this extension, Kraken stated that custody is “integral to the institutional crypto space” as financial institutions need a secure platform to handle virtual assets.
Through Kraken Institutional, the company already features prominently in the UK and Australian crypto spheres. The cryptocurrency exchange stated:
With this expansion, our crypto custody product now provides both existing and new clients in these countries with a robust solution focused on security and client service.
It further said that Kraken Custody gives institutions better access to cryptocurrencies while providing them with advanced security and role-based access controls.
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In a Cointelegraph interview, Tim Ogilvie, the company’s global head of institutions, stated that the UK and Australia were a “natural choice” for its custody services expansion. He also indicated that the company will soon look at enlarging its footprint across the EU, Switzerland, Cayman Islands and British Virgin Islands.
On 16 July 2024, Kraken reportedly entered into an agreement with Tottenham Hotspur to become the football club’s official cryptocurrency and Web3 partner. According to Cointelegraph, the club’s chief revenue officer, Ryan Norys, described the partnership as an innovation drive.
Kraken also confirmed that it had received reimbursement funds from Mt. Gox, which filed for bankruptcy early in 2024. These funds will be distributed to the affected Kraken customers.
