Kraken Launches Proof of Reserves Audits Allowing Clients to Verify Crypto Balances
The company successfully passes a cryptographic audit conducted by Armanino LLP, showcasing how it is exceeding the transparency offered by legacy financial firms
CHEYENNE, Wyo. - February 3, 2022 - Kraken, one of the world’s largest digital asset exchanges, is announcing its implementation of next-generation auditing standards designed to let clients prove their bitcoin and ether balances are backed by real assets held in our custody.
Administered by Armanino LLP, the Proof of Reserves audit is the second of its kind conducted on our exchange since 2014, and it affirms that more than $19 billion worth of client bitcoin and ether is safely – and provably – on our platform. This includes the $3.5 billion worth of ether held in Kraken’s secure on-chain staking service, the industry’s leading ETH2 validator.
Though the audit covers just two of the over 100 assets available for trading on our exchange, it adheres to, and seeks to advance, recommended standards for new cryptographic audits that we hope will become widely embraced in the digital asset sector.
In the 13 years since the invention of Bitcoin, it’s estimated that more than $23 billion in digital assets have been lost to hacks and insolvencies. Through our commitment to continuing Proof of Reserves audits, we believe Kraken can mitigate critical risks to client funds.
“Security and transparency for our customers has been at the core of our culture as a company, and the core of our practices and operations from the very beginning,” said Jeremy Welch, Chief Product Officer at Kraken. “Regular Proof of Reserves audits will demonstrate that, for Kraken, our client security and safety are a top priority.”
With the announcement, Armanino has agreed to perform Proof of Reserves audits for Kraken semi-annually, following the attest standards used by the American Institute for Certified Public Accountants, a regularity intended to ensure Kraken meets rigorous standards for accountability.
“We offer Proof of Reserves because we're passionate about this industry, and believe it is the future of finance and capital markets,” said Noah Buxton, blockchain practice lead at Armanino. “With this audit, we’re taking historical best practices from certified public accounting firms and applying them in a new way that’s incredibly exciting.”
This regular transparency is designed to minimize trade-offs for client data privacy. Kraken will provide Armanino only anonymized balance information, meaning no sensitive client data is exchanged. (A technical overview of the audit process, explaining how it leverages the transparency of public blockchains, can be found on our website.)
Clients, too, can now verify their bitcoin and ether balances on our exchange at the time of the audit, with a simple three-step process accessible in their accounts. The verification will reflect account balances at the time of the audit, but will not include any subsequent trades or deposits.
We encourage all Kraken clients to verify the audit, and help us improve our auditing standards. To find out more, please visit our website or reach out to [email protected]
Kraken is one of the world’s largest and longest-standing digital asset platforms. Globally, Kraken’s client base trades more than 100 digital assets and 7 different fiat currencies, including GBP, EUR, USD, CAD, JPY, CHF and AUD.
Kraken, now 2500+ employees, was founded in 2011 and was one of the first exchanges to offer spot trading with margin, parachain auctions, staking, regulated derivatives and index services. Kraken is trusted by over 8 million traders and institutions around the world and offers professional, round-the-clock online chat support.
For more information about Kraken, please visit www.kraken.com.
Kraken Acquires Staked to Support Growth and Resilience in One of Largest Crypto Industry Deals to Date
Forward-thinking deal continues to solidify Kraken’s position as a world leader in staking.
CHEYENNE, WY - December 21, 2021 - Kraken, one of the world's largest digital asset platforms, today announced it has acquired Staked for an undisclosed sum in one of the largest crypto industry acquisitions to date.
Staked is a non-custodial staking platform that enables investors in Proof-of-Stake networks to easily and securely compound their holdings. The acquisition solidifies Kraken’s position as a leading provider of staking services to consumers and institutions by expanding the number of supported networks and enabling a non-custodial alternative to Kraken’s existing custodial staking service.
“We are excited to add Staked to our portfolio of yield products, which has seen great uptake by a growing population of crypto investors,” said Jesse Powell, CEO and co-founder of Kraken. "Staked is highly complementary to our existing staking business and will allow us to further strengthen our product offering through world-class infrastructure for clients who prefer to retain custody of their staked assets. We’re excited to welcome Staked’s clients to Kraken and believe that they will benefit from access to our wider portfolio of products as they seek to broaden their engagement with digital assets.”
Staked's mission – to help investors earn yield from staking without relinquishing custody of their crypto assets – closely aligns with Kraken’s objective to provide seamless and secure access to staking products and services. By providing world-class infrastructure as a service, Staked removes significant barriers to entry while allowing clients to optimize rewards.
"Kraken's acquisition of Staked represents an exciting new chapter for us,” said Tim Ogilvie, CEO of Staked. “Kraken clearly shares our commitment to supporting proof-of-stake networks, having a security-first mindset, and unwavering focus on customer experience, which makes them an ideal partner. Combining our businesses will enable us to provide a more seamless experience and expand our product offering to meet our clients’ needs in staking and beyond.”
The acquisition of Staked – Kraken’s fifth acquisition in 2021 – is an important step in the company’s strategy to become the crypto portal of choice for both retail and professional investors. Kraken’s combined spot, margin and futures trading volume has grown by over 430% in 2021. Since the beginning of the year, the company’s staking business has grown by more than 950% to nearly $16 billion in November, resulting in token rewards valued at more than $500 million being paid out to clients.
“The success of our staking business demonstrates that Kraken has evolved into much more than a custodian and trading venue,” said Powell. “We’ve become a holistic crypto platform with a diverse range of products that serves the needs of retail, professional, and institutional clients. Heading into the second decade in our company’s history, I’m excited about the future and Kraken’s continued support of the world’s shift to Web3 and DeFi.”
Kraken is the world’s largest global digital asset platform based on euro volume and liquidity. Globally, Kraken’s client base trades more than 90 digital assets and 7 different fiat currencies, including GBP, EUR, USD, CAD, JPY, CHF and AUD.
Kraken, now 2300+ employees, was founded in 2011 and was one of the first exchanges to offer spot trading with margin, parachain auctions, staking, regulated derivatives and index services. Kraken is trusted by over 8.5 million traders and institutions around the world and offers professional, round-the-clock online support.
For more information about Kraken, please visit www.kraken.com.
Media inquiries: [email protected]
Kraken Hires Uber Exec Pranesh Anthapur as Chief People Officer to Drive Forward 2022 Expansion Plans
Pranesh will spearhead Kraken’s ambitious plans to double headcount to over 5,000 in 2022 and beyond.
SAN FRANCISCO - December 14, 2021 - Kraken, the largest cryptocurrency exchange by euro trading volume, and one of the largest remote-first companies in the world, is delighted to announce that Pranesh Anthapur, a former VP at Uber, has joined the executive leadership team, where he will head the development and execution of Kraken’s global people strategy.
With more than two decades worth of experience structuring and scaling high-growth companies and building inclusive, mission-driven cultures, Pranesh will oversee Kraken’s continued expansion. He’ll use his invaluable experience as VP of Human Resources at Uber to ensure Kraken is fit for the future as we look to more than double our headcount in the next year across all target regions.
Kraken CEO and co-founder, Jesse Powell, said: “Pranesh’s experience leading and scaling diverse and inclusive global workforces to meet the demands and accelerating business needs of industry-disrupting companies is essential as we work to bring billions of people into the crypto ecosystem.”
2021 has been a record year for Kraken. Combined, spot and derivative trading volumes are 5x above where they were in 2020, and Kraken’s product suite has expanded significantly as investors find new ways to leverage their crypto wealth. Kraken’s headcount has already doubled to well over 2,300 people around the world. This includes the recent hire of Mike Davidson, former VP at Twitter, to head up Design at Kraken.
Kraken plans to double in size again by the end of 2022. Pranesh will spearhead this growth, ensuring Kraken scales effectively so it can continue providing a wide range of products and services for all types of investors engaging in the crypto asset-class.
Prior to Uber, Pranesh was Chief People Officer at cloud computing platform Nutanix, where he scaled the company from five hundred to well over three thousand employees around the world, building the People function from the ground up.
Pranesh has already made an impact since coming aboard last month. With new exciting positions opening up across Kraken, he has been instrumental in introducing frameworks that ensure Kraken not only hires people with the right talent and experience, but also those who demonstrate a mission-driven approach that puts our clients' needs at the heart of what they build.
“Crypto is on the verge of going mainstream and from a platform perspective, Kraken is perfectly positioned to tip the scales of mass adoption,” Pranesh said. “But to do that, we will need to grow as a company to meet our clients’ diverse and multifaceted needs. I can’t think of a more exciting challenge to take on, or a better team to tackle it with.”
Kraken is currently hiring for hundreds of roles across Product, Engineering, Marketing, Operations and more to build out our fully remote workforce. To find out more about all of our open roles, please visit our Careers page.
For more information about Kraken’s plans for 2022, please reach out to [email protected] Pranesh Anthapur is available for interviews.
Kraken is the world’s largest global digital asset exchange based on euro volume and liquidity. Globally, Kraken’s client base trades nearly 90 digital assets and 7 different fiat currencies, including GBP, EUR, USD, CAD, JPY, CHF and AUD.
Kraken was founded in 2011 and was the first U.S. crypto firm to receive a state-chartered banking license, as well as one of the first exchanges to offer spot trading with margin, regulated derivatives and index services. Kraken is trusted by well over 7 million traders, institutions and authorities around the world and offers professional, round the clock online support.
Kraken is backed by investors including Tribe Capital, Hummingbird Ventures, Blockchain Capital and Digital Currency Group, among others. For more information about Kraken, please visit www.kraken.com.
Media inquiries: [email protected]
Crypto Facilities Receives Cryptoasset Registration from the UK’s FCA
Crypto Facilities, the first cryptocurrency firm to receive a UK MTF licence, is pleased to announce it has been granted registration under the amended Money Laundering Regulations 2017 (MLRs) from the UK’s Financial Conduct Authority (FCA), giving Crypto Facilities the ability to expand the range of products and services available to UK clients as a registered cryptoasset business.
Kraken Hosts Art Display Across the UK
Kraken, the largest cryptocurrency exchange by euro trading volumes, has today unveiled a campaign that provides a platform for the next generation of artists to depict a plurality of visions of the future powered by crypto.
Kraken Donates $250,000 to Advance Ethereum’s Blockchain Upgrade Efforts
Kraken is excited to announce it will donate $250,000 to the open-source developer teams now working to accelerate Ethereum’s ongoing technical upgrades dubbed "Ethereum 2.0."
Crypto 101: A Beginner’s Guide to Crypto
Staying true to our mission to bring crypto to everyone, Kraken CEO Jesse Powell explains it all in our new video series: Crypto 101.
Recognizing the importance of Bitcoin from the onset, and understanding that the exchange is the most critical part of the cryptocurrency ecosystem, Jesse Powell co-founded Kraken to give people the means to quickly and securely invest in the space.
- Total team members2,300+
- Where they livein 60+ countries
- Tokens offered90+
- Cash currencies offered7
- Supported countries190
- MascotKraken, of course
- What we call our logo“The Beast” or “Creature”