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Kraken Launches Self-Custody Crypto Wallet, Joins Industry Leaders

Key Takeaways

  • Kraken has launched a self-custody wallet that allows users to manage digital assets independently and supports a variety of cryptocurrencies;
  • The wallet emphasizes user security and privacy;
  • Kraken's wallet launch is a response to regulatory changes.
Kraken Launches Self-Custody Crypto Wallet, Joins Industry Leaders

Kraken, a major cryptocurrency exchange, has officially launched its own self-custody wallet, joining other leading platforms like Binance and Coinbase in providing users a way to independently manage their digital assets.

It supports various cryptocurrencies across eight major blockchains, including Bitcoin, Ether, Solana, Dogecoin, Polygon, Arbitrum, Optimism, and Base.

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The Kraken Wallet allows users, whether they are clients of the crypto exchange or not, to engage with decentralized finance (DeFi) tokens, non-fungible tokens (NFTs), and thousands of decentralized applications (dApps) through Wallet Connect.

It prioritizes user privacy and security by collecting minimal data necessary for operation and uses Kraken's infrastructure to secure users' identity and location information. Users' private keys are protected with mobile biometrics and password encryption.

The wallet is also open-source, with its code available on GitHub, and has passed a security audit by Trail of Bits.

Eric Kuhn, Product Director for Kraken Wallet, highlighted the wallet's contribution to DeFi:

Kraken Wallet is how we invest in the 'your keys, your crypto' ecosystem which is vital for the existence of permissionless financial access.

This launch reflects Kraken's response to changing regulations that distinguish self-custody wallets from traditional financial services, as these wallets do not directly handle fiat currency transactions and hence face different legal requirements. 

To adhere to evolving legal requirements, the crypto exchange has also recently made adjustments to its service offerings, including the decision to cease support for Monero (XMR) in Ireland and Belgium.

Such decisions demonstrate Kraken's commitment to aligning with regulations while enhancing user experience in managing digital assets.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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