Kraken Custody expands to institutional clients in UK, Australia

Kraken Institutional has announced the extension of its custody solution, Kraken Custody, to institutional clients in both the United Kingdom and Australia. This development signals the company's ongoing commitment to broadening its reach and providing secure digital asset management to institutional investors in these regions.

The expansion marks the first international move for Kraken Custody since its inception earlier this year. Eligible investors in the UK and Australia will now be able to store, manage, and transfer their crypto assets through the Kraken Custody platform. This service integrates seamlessly with the rest of Kraken's product suite and guarantees that funds remain in segregated accounts, offering best-in-class security for clients.

Tim Ogilvie, Head of Kraken Institutional, commented on the strategic locations chosen for this expansion. "Kraken has long had a strong presence in the UK and Australia, so they were the prime destinations to expand Kraken Custody to. Both markets have well established institutional crypto scenes and we anticipate the local launch of Kraken Custody will enable them to increase their engagement in the asset-class," he stated.

Jonathon Miller, Managing Director for Kraken Australia and Rest of World, highlighted the importance of this development for the Australian market. "The expansion of Kraken Custody to Australia marks a significant milestone for institutional crypto investment in our region. We anticipate that Kraken Custody will enable Australian institutional investors to engage more deeply with crypto assets while providing the security and flexibility needed to navigate the landscape," said Miller. He added that this move underscores the sophisticated institutional crypto ecosystem that has developed in Australia.

Kraken Custody is offered through Kraken Financial, a state-chartered bank in the United States, which began providing custody solutions to select US states in March this year. The same services will now be available directly to clients in the UK and Australia, with funds and assets held remotely from Kraken and available for withdrawal at any time.

Trevor Rutar, CEO of Kraken Financial, emphasised the security and operational standards to which Kraken Custody adheres. "Kraken Financial's state-bank chartered in Wyoming means Kraken Custody is held to some of the most rigorous security and operational checks of any crypto custodian, translating into the security and reliability institutions need. We look forward to rolling out our robust solution to institutions in both the UK and Australia so they can continue to engage in the crypto-asset vertical," Rutar said.

Currently, Kraken Custody supports Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC) (ERC20), with plans to add support for additional assets later this year.

This expansion comes at a time when institutional interest in digital assets is growing globally. By extending its custody solutions to the UK and Australia, Kraken is positioned to strengthen its offerings and support the evolving needs of institutional investors in these key markets.