Kraken expanding institutional crypto services to the UK and Australia

Kraken Institutional, part of the crypto exchange Kraken, has announced the expansion of its custody services to the United Kingdom and Australia.

Kraken Institutional works with high-profile clients like hedge funds and exchange-traded fund issuers, providing custody solutions for managing crypto assets. These solutions are essentially storage services designed to securely store and manage digital assets on behalf of institutions.

The custody service offered by Kraken Financial, a US state-chartered bank, allows institutional clients to securely store and transfer their crypto assets. It exists separately from the exchange. Funds are remotely segregated, and 24/7 withdrawals are enabled.

Kraken Custody only supports Bitcoin (BTC), Ethereum (ETH), and USDC stablecoin (USDC), with more asset support coming later this year. 

Kraken expansion

This marks Kraken Custody’s first international extension since the launch of the institutional business unit in the United States in March 2024.

Funds are kept in segregated accounts, so clients can withdraw their assets anytime. By using Kraken’s wider product suite, the service hopes to offer security measures and enables clients to navigate crypto easier and faster.

Tim Ogilvie, Head of Kraken Institutional, highlighted the strategic choice of the UK and Australia for this expansion, referencing the well-established institutional crypto markets in both countries. 

“Kraken has long had a strong presence in the UK and Australia, so they were the prime destinations to expand Kraken Custody to. Both markets have well-established institutional crypto scenes, and we anticipate the local launch of Kraken Custody will enable them to increase their engagement in the asset class,” Ogilvie stated.