The crypto exchange Kraken has unveiled a crypto custody solution for institutional investors in the United States. This new service is offered under Kraken Financial, the state-chartered bank of the crypto exchange based in Wyoming.

Kraken Financial is authorized to provide digital asset custody and deposit accounts for institutional clients. The platform operates as a segregated entity, ensuring funds and assets are held separately from the exchange.

Integrated Custody Solution

Tim Ogilvie, the Head of Kraken Institutional, mentioned: "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 has 12+ years of experience in safeguarding client assets, and a qualified custody solution is a core part of a full-service institutional offering. The release of Kraken Custody is well-timed to provide the market with an alternative via a secure and trusted provider."

Kraken Custody is the first product under our new institutional brand. Offered via Kraken Financial, our state-chartered bank that holds fiat deposits in full reserve, it is ideally suited to offer qualified custody solutions for US institutional clients.https://t.co/1TzDm00CBZ

— Kraken Exchange (@krakenfx) March 20, 2024

Expect ongoing updates as this story evolves.