Kraken Expands Its Cryptocurrency Custody Services to the UK and Australia

Kraken, the cryptocurrency exchange, has announced the expansion of its Kraken Custody services for institutional clients in the United Kingdom and Australia.

Kraken, a cryptocurrency exchange, has expanded its Kraken Custody services to institutional clients in the United Kingdom and Australia. This marks the first international rollout for Kraken Custody following its launch in the United States earlier this year.

According to an official blog post, the expansion into the UK and Australia aims to provide both new and existing institutional clients with a secure digital asset custody product. Institutions, Kraken noted, “require a custody solution that enables them to store, manage, and scale their strategies.”

Tim Ogilvie, Kraken’s global head of institutional, elaborated on the expansion in an interview with Cointelegraph. Expanding to the UK and Australia was a “natural choice” for Kraken Custody, Ogilvie said. He further mentioned, “We’ll be looking to expand to more locations such as the European Union, Switzerland, Cayman Islands and British Virgin Islands in the near future.”

Kraken Custody is designed to facilitate the storage and management of digital assets for institutions, ensuring they adhere to regulations while entering the crypto market. Ogilvie highlighted that Kraken Custody “is protected by protocols” developed by their “in-house cybersecurity team.” Accounts, he added, “come with MPC technology and HSMs for key storage and policy enforcements. This means clients have more flexibility and timely access to their assets while benefiting from secure and robust controls.”

In addition to the expansion news, on July 16, Kraken announced a partnership with UK football club Tottenham Hotspur. The collaboration aims to bridge the gap between sports franchises and digital asset platforms. As part of the deal, Kraken will become Tottenham Hotspur’s first official crypto and Web3 partner, as well as the official sleeve partner for the club's men’s and women’s teams. The partnership aims to “drive innovation” for both the team and Kraken, said Ryan Norys, the club's chief revenue officer.

Also, on July 16, Kraken informed users that it had received reimbursement funds, which would be distributed over seven to fourteen days. According to Arkham Intelligence, a transfer of 48,641 Bitcoin (BTC) valued at $3.1 billion was flagged as being sent to a Kraken-associated wallet. Kraken has worked closely with Mt. Gox trustees to ensure the recovered funds are appropriately distributed to creditors.

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