This decision was made after the successful launch of the Kraken Custody service for institutional clients in the United States in March. The service allows institutions to securely store, manage and transfer funds within a single interface integrated with other Kraken products.
"The market needs more alternative options for storing digital assets. Kraken Custody provides institutions wishing to invest in the digital asset class with an optimal solution that combines advanced role—based security protocols and access control with seamless integration with other products of the Kraken ecosystem," said a representative of the exchange division.
Kraken Institutional noted that Kraken Custody services for institutional clients are provided through a special depository institution Kraken Financial, registered in the United States and separating clients' digital assets from the exchange's own funds.
Earlier, an internal study by experts of the Kraken exchange of the Australian digital asset market showed that the most favorite digital currency of Australian crypto traders is bitcoin.