Kraken Institutional, a division of the crypto exchange Kraken, has announced the expansion of its custody services to the United Kingdom and Australia. This move aims to cater to high-profile clients such as hedge funds and exchange-traded fund issuers, providing secure storage solutions for managing crypto assets.

The custody service offered by Kraken Financial, a US state-chartered bank, allows institutional clients to securely store and transfer their crypto assets. This service operates separately from the exchange, ensuring that funds are kept in remotely segregated accounts with 24/7 withdrawal capabilities.

Kraken Custody currently supports Bitcoin (BTC), Ethereum (ETH), and the USDC stablecoin (USDC), with plans to add more assets later this year. This expansion marks Kraken Custody’s first international extension since the launch of its institutional business unit in the United States in March 2024.

Funds are maintained in segregated accounts, allowing clients to withdraw their assets at any time. By leveraging Kraken’s broader product suite, the service aims to offer robust security measures, enabling clients to navigate the crypto space more efficiently.

Tim Ogilvie, Head of Kraken Institutional, emphasized the strategic choice of the UK and Australia for this expansion, citing 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.

For more updates on Kraken and other cryptocurrency news, stay tuned to Global Crypto News.

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