Kraken Launches New Crypto Wallet to Compete with Coinbase and Consensys

Kraken, the second-largest crypto exchange in the United States, recently unveiled its own self-custodial wallet to rival the likes of Coinbase and Consensys in the growing digital asset storage market. This move marks a significant step for Kraken as it aims to provide users with an alternative to popular wallets such as MetaMask, Phantom, and Trust Wallet.

Key Features of Kraken’s Crypto Wallet:

🗝️ Manage multiple wallets
🌐 Multi-chain support
📊 Manage NFTs & DeFi positions
🔒 IP privacy & Encryption
📖 No client side tracking

Kraken’s crypto wallet stands out as the first to embrace an open-source development approach, allowing blockchain developers and contributors to engage with the app’s code on GitHub. The emphasis on privacy and security is evident in the storage tool, with the exchange implementing an IP-masking strategy by proxying user actions through in-house systems.

In a bid to fortify its wallet’s security, Kraken invited white-hat actors to assess the product for vulnerabilities and loopholes. Developers who successfully report issues and security patches through the firm’s open-source grant program will be duly rewarded.

Kraken’s Expansion Plans and Initiatives:

– The exchange is eyeing to broaden its presence in various digital asset businesses to compete with industry rivals.
– Kraken has shown interest in launching a decentralized chain similar to Coinbase’s Ethereum-based layer 2 network Base.
– The company is actively supporting L1 blockchains like the Nibiru chain and has introduced an institutional division to cater to large firms and potentially tap into the spot Bitcoin (BTC) ETF market.
– Despite facing SEC lawsuits, Kraken has been making strides in securing regulatory approval in multiple jurisdictions, with recent approvals in the Netherlands and the launch of a licensing service for institutions in Wyoming.

As the cryptocurrency landscape continues to evolve, Kraken remains at the forefront of innovation and security in the digital asset storage market. Stay tuned for more updates and news on Global Crypto News.

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