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Kraken has introduced a new custody service called Kraken Custody, aimed at institutional investors. This new offering has been launched by the Kraken platform, entering directly into competition with Coinbase.
This is currently the favorite of institutional investors for custody of assets, especially for those issuing spot Bitcoin ETFs. Let’s see all the details below.
Summary
The new offer from the exchange for the custody of digital assets: Kraken Custody
As anticipated, Kraken recently announced the launch of custody services for Kraken Institutional, a platform specifically designed for institutional investors, as stated by the cryptocurrency exchange.
The new service, called Kraken Custody, will offer custody solutions for digital assets and will create dedicated deposit accounts for institutions, as reported in an official statement.
Kraken Custody will also allow institutions to manage, store, and transfer their funds through a single interface, protected by Kraken’s internal security protocols.
A spokesperson for Kraken stated the following:
“The launch of Kraken Custody coincided with the debut of the Bitcoin ETF, which set new records in the US capital markets.” “We expect the demand for qualified custody solutions to continue to grow along with the development of financial instruments in the cryptocurrency sector.”
Kraken Financial, the Wyoming-based banking division of Kraken, facilitates institutional custody services. Trevor Rutar, CEO of Kraken Financial, emphasized:
“The clear regulatory structure of the state of Wyoming allows Kraken Financial to offer qualified custody solutions that fully meet the needs of institutions.” “Under the supervision of the Wyoming Division of Banking, Kraken Financial will be subject to some of the most rigorous security and operational controls among all cryptocurrency custodians.”
Kraken launched its institutional services on February 27 of this year, after BlackRock, Franklin Templeton, and Grayscale Investments chose Coinbase as the custodian for bitcoin spot ETFs.
Nibiru Chain launches its public mainnet to revolutionize the blockchain
Nibiru Chain, a top-tier blockchain that has previously raised $12 million from investors like Kraken Ventures, has launched its public mainnet with the ambition of processing 40,000 transactions per second.
The launch is accompanied by the implementation of a parallel optimization that allows the platform to process multiple transactions simultaneously, with the aim of overcoming the barriers that have so far hindered user adoption.
Unique Divine, co-founder and CEO of Nibiru Chain, stated the following:
“We recognize the barriers that have held back potential users: from complex onboarding to opaque decision-making processes and a lack of convenience, scalability, and transparency.”
The project, aiming to compete with Ethereum and Solana, aims to offer a wide range of on-chain products, including non-fungible tokens (NFTs), games, tokenization of real-world assets (RWA), and decentralized finance (DeFi).
Furthermore, the blockchain seems to focus its efforts on products such as perpetual futures trading and its own stablecoin, called NUSD, with the addition of toolkits available in TypeScript, Golang, Python, and Rust.
Since it was announced in 2022, Nibiru has raised over 20 million dollars from various investors, including Tribe Capital, Kraken Ventures, Republic Capital, ArkStream, Original Capital, and others.
Thus depleting its initial allocation of 3 million dollars in NIBI tokens through CoinList, with over 40,000 declarants and over 5,000 buyers.