Kraken Institutional, a specialized brand for custom cryptocurrency solutions for institutional investors from one of the oldest and safest cryptocurrency exchanges, officially launches its qualified custody service with the help of its state-chartered bank, Kraken Financial.
Kraken Financial, with a headquarters in Wyoming, USA, is authorized to provide institutions with deposit accounts and digital asset safekeeping. Kraken Financial is the natural service provider through which Kraken Institutional can provide qualified custody because it complies with its charter and maintains all deposits in full reserve.
Tim Ogilvie, Head of Kraken Institutional, stated, “Custody has always been integral to the institutional crypto space and the recent success of the bitcoin ETFs has only underscored the need for a broader range of qualified custodians,”
Kraken Financial operates as a separate entity, ensuring that funds and assets are securely held and readily accessible for withdrawal. It provides a trusted and regulated environment, appealing to traditional finance clients venturing into digital assets.
Kraken Financial will be the home of Kraken Custody, a safe custody service for customers who wish to handle, move, and keep their cryptocurrency holdings from a single interface.
Kraken’s top cybersecurity team will deploy state-of-the-art internal security processes to safeguard assets under custody. Kraken Custody will integrate best-in-class security with a smooth interface with the rest of the Kraken product suite to enable customers to participate in the rapidly evolving cryptocurrency market while their money is kept in segregated accounts.
According to Trevor Rutar, CEO of Kraken Financial, “The state of Wyoming’s clear regulatory structure means Kraken Financial can offer qualified custody that fully meets institutions’ requirements.”
He added, “Under the supervision of the Wyoming Division of Banking, Kraken Financial will be subject to some of the most rigorous security and operational checks of any crypto custodian. This makes Kraken Financial the ideal entity to offer custody in line with what institutions need to engage in the crypto asset-vertical.”
Rutar emphasized Kraken’s aptitude for qualified custody, highlighting their responsive client engagement and account management teams, with a trusted brand. Kraken Custody aligns with its decade-long mission to provide clients with secure and seamless access to crypto.
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