On Wednesday, crypto exchange Kraken announced the launch of custody services for Kraken Institutional, a platform designed specifically for institutional investors.
This new service, called Kraken Custody, will provide digital asset custodial services and create deposit accounts for institutions.
It will also allow institutions to store, manage, and transfer their funds within a single interface, protected by Kraken’s in-house security protocols.
According to a Kraken spokesperson, the timing of this launch coincides with the debut of the first Bitcoin ETF in the US, suggesting a growing demand for qualified custody solutions in the crypto space.
Kraken Custody is facilitated by Kraken Financial, the state-chartered banking arm of Kraken based in Wyoming, which offers qualified custody that meets institutional requirements under the supervision of the Wyoming Division of Banking.
