Kraken Launches Multi-Chain Wallet
Kraken joins the likes of Binance and Coinbase, which have ventured into the wallet space
April 21, 2024 12:31 PM
Reading time: 1 minute, 35 seconds
TL;DR Kraken, the second-largest crypto exchange in the U.S., has unveiled its self-custodial mobile wallet, Kraken Wallet. This new product supports a wide range of coins, tokens, NFTs, and DeFi assets across eight blockchains, setting a new standard for security and privacy in the crypto space. With its commitment to open-source development and user privacy, Kraken Wallet could be a game-changer.
Kraken Steps into Self-Custody
Kraken, a leading name in the cryptocurrency exchange market, has expanded its offerings by launching the Kraken Wallet, a self-custodial mobile wallet.
This move places Kraken alongside other top platforms, such as Binance and Coinbase, which have already entered the wallet space.
Kraken designed its wallet to support a myriad of digital assets, including tokens, NFTs, and DeFi assets, across several blockchain networks, including Bitcoin, Ethereum, and Solana.
Prioritizing Privacy and Security
In an era where user privacy and data security are paramount, Kraken Wallet sets a high standard. It minimizes the collection of personal information, does not store sign-in details or KYC data, and ensures hidden IP addresses.
Despite its robust privacy features, the wallet is a hot wallet due to the inherent limitations of Apple iOS CryptoKit, requiring internet connectivity for transaction signing.
"Kraken's longstanding advocacy for self-custody of assets is a message the exchange has been promoting for over a decade."
Open-Source and User-Centric Development
Kraken has taken a transparent approach to developing its wallet by releasing the code on GitHub.
That invites third-party reviews and encourages contributions to enhance the wallet's infrastructure.
Furthermore, Kraken has established an open-source grant program to incentivize the discovery of vulnerabilities, showcasing its commitment to creating a secure and reliable product.
Expansion and Innovation
The launch of Kraken Wallet is part of Kraken's broader strategy to diversify its product offerings. Earlier this year, the company introduced Kraken Custody, an institutional-grade custody platform.
Moreover, Kraken is exploring the development of its own Layer 2 blockchain, signaling its ambition to innovate continually within the crypto space.
Looking Ahead
Kraken Wallet's Product Director, Eric Kuhn, emphasized the wallet's alignment with the crypto community's core values, including privacy and open-source development.
Kraken focuses on delivering a superior solution for users needing a secure and versatile crypto wallet, underlining the company's commitment to the 'your keys, your crypto' ethos.
