Kraken Launches a Custody Service for Institutional Customers
Kraken has recently launched a new custody service for its institutional platform, Kraken Institutional. The new service, known as Kraken Custody, will offer digital asset custody and deposit account services for organizations and companies based in the US.
With Kraken Custody, clients will have access to a single interface that allows them to manage their portfolio and transfer funds using the latest security protocols provided by the exchange.
According to Tim Ogilvy, head of Kraken Institutional, custody has always been an important aspect of the institutional crypto industry, and the recent approval of the Bitcoin ETF has highlighted the need for more qualified custodians.
Kraken Institutional has been operating as a special purpose depository institution since obtaining a license in 2020 from the cryptocurrency-friendly state of Wyoming.
