Kraken’s Canadian operations have reported surpassing $2 billion CAD in client assets and cash under custody. According to the company, it reflects growth in the platform’s local user base amid efforts to expand knowledge of cryptocurrency in Canada.

Canadian Crypto Awareness Slowly Improves

“Reaching the $2 billion milestone is testament to our ongoing effort to provide Canadians with a superior crypto trading experience,” said Alex Mehrdad, Kraken Canada General Manager.

In 2024, Kraken focused on addressing a knowledge gap that has slowed adoption of digital assets in the region.

A report by the Ontario Securities Commission indicated that only 54% of Canadians could define cryptocurrency in 2023. This marked a modest increase from 51% in 2022. Kraken has stated its focus on furthering educational efforts as it moves into 2025.

“As we’ve doubled in size within Canada, we’ve also steadily invested in our product offering to ensure Canadians can explore the breadth of the crypto ecosystem through our range of innovative products,” Mehrdad added.