Technology

Kraken Floats Institutional Service to Stem Coinbase Dominance – Crypto News

Published

1 year ago

February 28, 2024

Dripp

Amidst the rave for dominance in the cryptocurrency industry, digital asset service provider Kraken has taken the industry unawares with the introduction of a new service dubbed Kraken Institutional.

Kraken Institutional Designed for Corporate Clients

This novel solution is designed as a one-stop shop where firms that are looking to delve into the digital asset ecosystem can get the needed assistance.

“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,” the firm stated.

Per the crypto exchange’s announcement, the Kraken Institutional solution is a suite of the company’s existing products and services including spot trading, OTC trading, and staking.

The target market for this offering includes institutions, asset managers, hedge funds, and high-networth individuals. To ensure the safety of these potential customers and their assets, Kraken plans to utilize its trust cybersecurity, supported by its experienced account management team.

Beyond its regulatory challenges with the United States SEC, Kraken prides itself as one of the digital asset service providers that is keen on offering high-quality products as well as a client-first experience.

David Riley, Kraken CEO highlighted that the company plans to continue in this culture with the Kraken Institutional service.

Kraken is Pushing for More Expansion and Market Share

This push for excellence might have contributed to its drive for expansion across several jurisdictions. Within the first two months of 2024, the crypto exchange has recorded several milestones that placed it in close competition with its counterparts.

Earlier in February, Kraken received a Virtual Asset Service Provider (VASP) license from the Dutch Central Bank (DNB).

Shortly after, it was reported that the company was looking to enter the crypto ETF custody race. So far, no spot Bitcoin ETF that was recently approved by the SEC is known to currently utilize Kraken as a custodian for their crypto but if it eventually happens, Kraken will become a close competitor of Coinbase.

At present, American cryptocurrency exchange Coinbase serves as the custodian for 8 out of the 10 newly greenlighted spot Bitcoin ETFs. Kraken is looking to grab a significant share of this market in the near future. Ultimately, it appears that Kraken is working on its template to establish its position in the crypto industry and gain dominance.