Kraken’s expansion of its custody services to the UK and Australia is its first international venture, designed to serve institutional clients outside the US.
The cryptocurrency exchange Kraken has disclosed that it is expanding its Kraken custody services for institutional clients in the United Kingdom and Australia.
The objective of the expansion into the UK and Australia, as stated in the official blog post, is to offer a secure digital asset custody product to new and existing institutional clients outside the United States.
Kraken Custody was successfully launched in the United States earlier this year, representing its first international rollout.
Kraken Custody expansion
Kraken clarifies in the official post that institutions “need a custody solution that allows them to store, manage, and scale their strategies.”
Tim Ogilvie, Kraken’s global director of institutional, disclosed to Cointelegraph that Kraken Custody’s expansion into the United Kingdom and Australia was an “obvious decision.”
“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 a service that Kraken offers institutions, allowing them to store and access digital assets while accessing the crypto market through regulations.
Ogilvie clarified that the “in-house cybersecurity team” has developed protocols to safeguard “Kraken Custody.”
“Accounts 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.”
Growth in the field of football
Kraken and Tottenham Hotspur, a UK football club, entered into a partnership on July 16 to facilitate the transition between digital asset platforms and sporting franchises.
The cryptocurrency exchange will serve as Tottenham Hotspur’s inaugural official crypto and Web3 partner, as well as the official sleeve partner for both the men’s and women’s teams, as a result of the partnership.
Ryan Norys, the club’s chief revenue officer, stated that the partnership aims to “catalyze innovation” for the team and Kraken, its new crypto exchange partner.
Mt. Gox reimbursement
On July 16, Kraken notified users that reimbursement funds had been received and would be disbursed for seven to fourteen days.
According to Arkham Intelligence data, a transfer of 48,641 Bitcoin valued at $3.1 billion was detected as being sent to a wallet associated with Kraken, as per the Web3 security firm.
As part of the reimbursement process, Kraken has collaborated with Mt. Gox trustees to guarantee that the recovered funds are distributed equitably to creditors.
