Kraken Institutional Launches Custody Services in UK and Australia
Kraken’s newly launched institutional business unit, Kraken Institutional, has begun offering custody services to customers in the United Kingdom and Australia. Designed for users such as hedge funds and exchange-traded fund issuers, Kraken Institutional was initially launched in the US by the San Francisco-based firm in March.
The private company plans to expand its services to more locations, including the European Union, Switzerland, the Cayman Islands, and the British Virgin Islands. Tim Ogilvie, head of Kraken Institutional, stated that the majority of locations “where Kraken exchange does business will be covered by the end of the year.”
The company’s trading services for retail and other users are already available worldwide. The exchange has been providing Bitcoin/British pound trading pairs since 2014 and holds about a 40% share of pound-denominated spot trading volumes. Kraken Institutional offers large users more control and functionality, beginning its international expansion with its qualified custody offering. Overseas rivals include Copper and Coinbase Global.
The rollout comes as the company expands its array of offerings and markets while considering an initial public offering (IPO). The firm has been in talks for a pre-IPO fund-raising round and aims to go public as soon as next year, according to Bloomberg.
