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Kraken Unveils Qualified Custody Solution for Crypto in the US

Kraken Unveils Qualified Custody Solution for Crypto in the US

CHEYENNE, Wyo.--Kraken Institutional, the dedicated brand for bespoke crypto solutions for institutional investors from one of the longest-standing and most secure cryptocurrency exchanges, has formally launched its qualified custody solution, offered through Kraken Financial, its state-chartered bank.

Headquartered in Wyoming, USA, Kraken Financial is authorized to offer digital asset custody and deposit accounts for institutions. As per its charter, Kraken Financial holds all deposits in full-reserve, making it the natural service provider through which Kraken Institutional can offer qualified custody.

“Custody has always been integral to the institutional crypto space and the recent success of the bitcoin ETFs has only underscored the need for a broader range of qualified custodians,” said Tim Ogilvie, Head of Kraken Institutional. “Kraken has 12+ years of experience in safeguarding client assets and a qualified custody solution is a core part of a full-service institutional offering. The release of Kraken Custody is well-timed to provide the market with an alternative via a secure and trusted provider.”

Kraken Financial is a segregated entity, where funds and assets are held remote from Kraken and are available for withdrawal at all times. Kraken Financial offers a familiar structure for clients coming from traditional finance looking to enter the digital asset class, with the safety and security they expect from a regulated financial institution.

Kraken Financial will house Kraken Custody, the secure custody offering for clients who want to store, manage and transfer crypto assets all from one interface. Assets in custody will be protected by cutting-edge security protocols built in-house by Kraken’s leading cybersecurity team. Kraken Custody will combine this best-in-class security with a seamless integration to the rest of the Kraken product suite so clients can act in the fast-paced world of crypto while their funds remain in segregated accounts.

“The state of Wyoming’s clear regulatory structure means Kraken Financial can offer qualified custody that fully meets institutions’ requirements,” said Trevor Rutar, CEO of Kraken Financial. “Under the supervision of the Wyoming Division of Banking, Kraken Financial will be subject to some of the most rigorous security and operational checks of any crypto custodian. This makes Kraken Financial the ideal entity to offer custody in line with what institutions need to engage in the crypto asset-vertical.”

Rutar continued: “Kraken is uniquely suited to provide qualified custody. We operate one of the most responsive client engagement and account management teams in the market, with a brand that institutions associate with trust. Kraken Custody will be a continuation of the same mission we’ve pursued for over a decade: give clients secure and seamless access to crypto.”

For more information, please reach out to [email protected]. Learn more about Kraken’s custody offering here.

Kraken Financial is not an FDIC-insured bank and deposits are neither insured by nor subject to the protections of the FDIC.

March 20, 2024
Kraken Launches New Brand to Offer Dedicated Crypto Solutions for Institutions

Kraken Launches New Brand to Offer Dedicated Crypto Solutions for Institutions

SAN FRANCISCO--Kraken, one of the longest-standing and most secure cryptocurrency exchanges, is delighted to announce the launch of Kraken Institutional, a new umbrella brand for a number of Kraken’s existing products and services aimed at institutions, asset managers, hedge funds and high net-worth individuals. Kraken Institutional intends to provide a one-stop shop for innovative and bespoke solutions for the unique needs of Kraken’s institutional client base.

Kraken Institutional will be the single point of contact for reliable, scalable and easy-to-integrate solutions for institutions seeking exposure to the crypto asset-class. It pulls together the Kraken products and services institutions already use, including spot trading, OTC trading and staking.1 Kraken Institutional will be protected by world-leading cybersecurity and supported by an award-winning account management team.

Kraken has a peerless reputation as one of the most reliable and reputable players, with one of the fastest and most liquid marketplaces in the industry. It is already ideally suited to be the primary trading venue for institutions who prize speed above all else, as well as those who prefer the white glove treatment.

“If you already work with Kraken, you know how much we care about offering high quality products and a client-first experience,” said David Ripley, CEO of Kraken. “We’ve been the leading crypto exchange for more than a decade and through Kraken Institutional, we’ll offer the same deep expertise and cutting-edge technology to propel trading excellence for institutions.”

Tim Ogilvie, who came to Kraken via the acquisition of Staked, the leading non-custodial staking platform for institutions, will take over as the Global Head of Institutional. He’ll be joined by some of the most experienced engineers, product specialists, and traders in the crypto space today. Institutions need reliable, scalable and easy-to-integrate solutions and the team behind Kraken Institutional will meet the level of quality clients have come to expect.

“Institutional adoption of crypto is growing rapidly, and with the launch of Kraken Institutional we’re poised to grow with this client segment,” said Tim Ogilvie, the new Global Head of Institutional. “The recent ETF approval has spurred broader institutional demand; with Kraken Institutional, Kraken is pulling together products and services to meet the needs of institutional clients. Like crypto itself, Kraken Institutional is moving fast: expect more to come in the near future.”

Kraken Institutional will be the single point of contact for reliable, scalable and easy-to-integrate solutions for institutions seeking exposure to the crypto asset-class. It pulls together the Kraken products and services institutions already use, including spot trading, OTC trading and staking.1 Kraken Institutional will be protected by world-leading cybersecurity and supported by an award-winning account management team.

Kraken has a peerless reputation as one of the most reliable and reputable players, with one of the fastest and most liquid marketplaces in the industry. It is already ideally suited to be the primary trading venue for institutions who prize speed above all else, as well as those who prefer the white glove treatment.

“If you already work with Kraken, you know how much we care about offering high quality products and a client-first experience,” said David Ripley, CEO of Kraken. “We’ve been the leading crypto exchange for more than a decade and through Kraken Institutional, we’ll offer the same deep expertise and cutting-edge technology to propel trading excellence for institutions.”

Tim Ogilvie, who came to Kraken via the acquisition of Staked, the leading non-custodial staking platform for institutions, will take over as the Global Head of Institutional. He’ll be joined by some of the most experienced engineers, product specialists, and traders in the crypto space today. Institutions need reliable, scalable and easy-to-integrate solutions and the team behind Kraken Institutional will meet the level of quality clients have come to expect.

“Institutional adoption of crypto is growing rapidly, and with the launch of Kraken Institutional we’re poised to grow with this client segment,” said Tim Ogilvie, the new Global Head of Institutional. “The recent ETF approval has spurred broader institutional demand; with Kraken Institutional, Kraken is pulling together products and services to meet the needs of institutional clients. Like crypto itself, Kraken Institutional is moving fast: expect more to come in the near future.”

For more information, please get in touch at Kraken Institutional, or reach out to [email protected]

February 27, 2024
Kraken Strengthens Leadership Team with Two Key Appointments

Kraken Strengthens Leadership Team with Two Key Appointments

SAN FRANCISCO--Kraken, one of the world’s longest-standing and most secure crypto platforms, today announced it is further strengthening its leadership team with two key appointments that will help position the Company for continued growth amid evolving regulatory environments globally. With the appointment of Gilles BianRosa as Chief Operating and Product Officer (COO/CPO) and Marcus Hughes as its Global Head of Regulatory Strategy, Kraken is gearing up to double down in its core markets, increase product innovation, and further diversify its global footprint.

“As we get ready for the next phase of growth in crypto markets, we need to ensure we can quickly adapt to rapidly changing market trends while navigating an increasingly complex and divergent regulatory landscape,” said David Ripley, CEO of Kraken. “We will be innovating, launching new products, entering new markets and continuously improving our offering, all while ensuring compliance with applicable regulatory requirements across the many markets we operate in.”

With more than two decades of entrepreneurship and product leadership experience, Gilles brings a deep understanding of product development and operational excellence to Kraken. Most recently, Gilles was CPO at leading European neobank N26, where he was responsible for defining, leading and implementing the global product strategy. He also launched crypto trading in the neobank’s core markets. Prior to N26, Gilles was the CPO of SoundCloud and led Samsung Electronics’ content and services division. Gilles reports to David Ripley, CEO of Kraken.

“I couldn’t be more excited to welcome Gilles to the Kraken team during a pivotal moment of growth for our company,” said David Ripley. “Gilles has a proven track record of delivering innovative products across global organizations with velocity. Combined with his strategic insight this will enable us to continue carrying out our mission of making crypto accessible to the next billion people through Kraken’s leading products and services.”

Gilles will lead Kraken’s strategy, global business operations, product and design, to drive the next generation of crypto products and services that will enable clients to seamlessly transact in crypto.

“I’m thrilled to join Kraken in a role that blends my passions for product strategy, innovation and operational optimization,” said Gilles BianRosa. “I understand the importance of running cohesive and aligned product and operations functions and I’m looking forward to working with teams across the company to build and deploy innovative products that expand access to crypto globally.”

With Marcus, Kraken gains a seasoned professional that brings a wealth of legal, commercial and regulatory expertise across traditional finance and crypto. Marcus was previously Managing Director of Coinbase’s European business and General Counsel for its international operations. With nearly a decade of traditional finance experience at Morgan Stanley before that, he is well positioned to drive Kraken’s regulatory strategy and expansion efforts around the globe.

“As a global player we need to adapt to changes in regulation across the markets we operate in, while ensuring we are efficient and effective when building out our footprint to best serve our clients. There’s no one better equipped to help Kraken navigate the complexities of a fragmented and fast evolving regulatory landscape than Marcus,” said David Ripley. “He will be instrumental in ensuring our offering meets the highest regulatory standards so we can offer our products and services across the globe.”

In his role, Marcus will collaborate with Kraken’s leadership to craft a strategy that takes into account the complex global nature of operating in crypto today. He will lead a team of legal regulatory experts across the markets Kraken operates in. He will work closely with the company’s government affairs team to inform our advocacy efforts and work with leaders across the organization to ensure the ongoing compliance of Kraken’s offering. Marcus reports to Marco Santori, Chief Legal Officer at Kraken.

"I'm proud to be chosen to represent Kraken in our engagements with regulators across the world and help grow the company in this next phase of Kraken’s journey," said Marcus Hughes. "Kraken's mission of accelerating crypto adoption through a relentless focus on client satisfaction and security is contingent upon giving as many people as possible access to our product offering. I couldn’t be more motivated to help the company unlock the opportunities crypto creates for as many people as possible across the globe.”

January 25, 2024
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Kraken to Acquire Dutch Crypto Broker BCM, Furthers Commitment to Growing European Business

SAN FRANCISCO--Kraken, one of the world’s longest-standing and most secure crypto platforms, today announced an agreement to acquire Coin Meester B.V. (BCM) in the Netherlands. The deal highlights Kraken’s commitment to growing its business in Europe by leveraging its strong financial position and highly competitive product offering.

Founded in 2017, BCM is one of the Netherlands oldest and most respected registered crypto brokers. The company provides services to buy, sell and stake crypto, including access to over 170 cryptocurrencies and strong local funding rails.

The proposed acquisition will enable Kraken to strengthen its presence in the Netherlands and allow BCM’s clients to benefit from Kraken’s extensive product offering, market-leading liquidity, superior security standards and 24/7/365 live client support.

“The Netherlands has one of the world’s most advanced economies, with a well established culture of innovation and a high level of crypto adoption. This makes it a key market for us in our European expansion plans,” said Kraken CEO David Ripley. “The acquisition of BCM will give Kraken a sizable position in the Dutch market and will allow BCM’s clients to benefit from an even more robust product offering.”

BCM Co-founder and CEO Mitchell Zandwijken said, “We founded BCM because we wanted to make crypto accessible to everyone. Kraken is the pioneer in this field with a track record spanning well over a decade, making it the perfect steward of our business going forward. Our clients will benefit from all that crypto has to offer through Kraken’s continuous investment and innovation.”

Kraken’s decision to accelerate European growth plans follows the European Commission’s establishment of Markets in Crypto-Assets (MiCA) regulatory framework, which allows industry players to confidently invest in the region and provide consumers access to more competitive products and services. Kraken is committed to growing its business in compliance with European regulations; in addition to its VASP registrations in Ireland, Italy and Spain, Kraken is actively pursuing registrations in other European markets.

“The European market for crypto services is highly fragmented and we see significant opportunity for consolidation to strengthen our position in the region,” Ripley said. “We'll continue to invest in the expansion of our European business and are well positioned to capitalize on the opportunity for further growth in the years ahead. We have a very compelling value proposition and look forward to serving even more clients across Europe.”

In recent years, Kraken has strengthened its core exchange offering and expanded its product suite to empower people to benefit from the opportunities offered by decentralized blockchain technology. In line with its strategy to become the bridge to the most exciting areas of crypto, Kraken recently launched its NFT marketplace, a new Kraken Pro trading interface and a new consumer web experience.

Completion of the proposed acquisition is subject to customary closing conditions, including obtaining the required regulatory approvals. Financial details of the transaction weren’t disclosed.

October 5, 2023
Kraken Progresses European Expansion, Secures EU E-Money License

Kraken Progresses European Expansion, Secures EU E-Money License

SAN FRANCISCO--Kraken, one of the world’s longest-standing and most secure crypto platforms, today announced it has received authorization from the Central Bank of Ireland as an E-Money Institution (EMI). In addition, Kraken has also successfully registered with the Bank of Spain as a Virtual Asset Service Provider (VASP). These authorizations highlight Kraken’s ongoing commitment to growing its European business.

The EMI license, granted to Kraken’s subsidiary in Ireland, enables Kraken to expand its EUR fiat services in partnership with European banks. This extends to clients in the 27 European Union (EU) member states and European Economic Area (EEA) countries – a key growth region for the company.

In Spain, Kraken’s new VASP registration allows it to offer cryptocurrency exchange and custodial wallet services to Spanish residents. It follows recent VASP registrations in Ireland and Italy. These licenses are a testament to Kraken’s ongoing commitment to regulatory compliance and European expansion.

“Today’s announcement marks another important milestone in our European expansion strategy,” said Curtis Ting, Kraken’s Vice President of Global Operations. “We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence. We are grateful for the constructive approach to regulating industry growth set by the Central Bank of Ireland and the Bank of Spain. In both Ireland and Spain, we are excited to become part of their vibrant local fintech sectors. We also look forward to continuing our investments in Europe more broadly.”

Kraken has built a track record for robust security and excellent client service that spans more than a decade. The company is continuously investing in the enhancement and expansion of its offering. In the last year Kraken has launched its NFT marketplace, the Kraken Pro advanced trading interface, and a new consumer web user experience.

Ting added, “Our market-leading position in liquidity and volume for EUR crypto pairs, round-the-clock live client service and robust security bring a compelling value proposition for future clients in Europe. We’re committed to the ongoing investment in our European business as we continue our efforts to advance the adoption of crypto within Europe in the years ahead.”

September 26, 2023
Mark Jennings

Crypto Facilities appoints veteran hedge fund executive to spearhead UK expansion strategy

Crypto Facilities Ltd, the Kraken subsidiary and Financial Conduct Authority (FCA)-authorised investment firm, has appointed Mark Jennings as its new Chief Executive Officer.

Crypto Facilities operates a multilateral trading facility for derivatives referencing cryptoassets. An FCA authorised trading venue in the UK, Crypto Facilities enables institutional clients to trade an array of contracts, both long and short, around the clock. Acquired by Kraken in 2019, it’s the ideal partner for institutions looking to gain exposure to the asset-class.

Mark Jennings has nearly two decades worth of experience in traditional finance. He was COO and CFO for True Arrow Capital Management, a US-based quantitative hedge fund manager, and previously worked in hedge fund services for both Credit Suisse and Citi. Before moving to Crypto Facilities, Mark was the COO for Kraken’s European Operations, and played a vital role in establishing and enhancing Kraken’s regional footprint.

“Mark’s appointment comes as Kraken looks to double down on offering its unique product suite for institutions,” said Curtis Ting, Senior Managing Director and Head of Regional Operations for Kraken. “His invaluable experience in hedge fund management, operational excellence and institutional knowledge will prime Crypto Facilities to become the primary trading venue for regulated crypto derivatives.”

“Institutions want exposure to cryptoassets but need trading venues that meet all of their compliance and regulatory requirements,” said Mark Jennings, CEO of Crypto Facilities. “Crypto Facilities can offer institutions a regulated trading venue with 24/7 access to crypto derivatives but which also satisfies these regulatory requirements.”

About Crypto Facilities:

Crypto Facilities Ltd. is a professional trading platform for derivatives on cryptoassets. Based in London, professional investors can trade an array of cryptocurrency derivatives, both long and short, around the clock, with up to 50x leverage. Crypto Facilities is authorised and regulated by the UK Financial Conduct Authority (FRN 757895).

About Kraken:

Kraken is one of the world’s longest-standing and most secure crypto platforms. Our mission is to accelerate the global adoption of crypto, so that everyone can achieve financial freedom and inclusion. Globally, Kraken clients trade more than 200 digital assets and 6 different national currencies, including GBP, EUR, USD, CAD, CHF, and AUD.

Founded in 2011, Kraken was among the first to offer spot trading with margin, parachain auctions, staking, regulated derivatives and index services under one roof. Trusted by over 10 million individuals, traders and institutions around the world, Kraken offers professional 24/7/365 client support along with one of the fastest, most performant trading platforms available. Kraken has set the industry standard for transparency and client trust, and was the first crypto platform to conduct Proof of Reserves audits. In 2023, Kraken ranked 16th in Newsweek's Global Top 100 list of Most Loved Workplaces, recognizing how the platform offers one of the world's most compelling employment opportunities.

Kraken markets can be monitored and traded via the web or through the Kraken and Kraken Pro iOS and Android apps.

For more information about Kraken, please visit www.kraken.com.

July 20, 2023
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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.


Kraken Facts

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.

Kraken logo
  • Founded2011
  • 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”