The move creates competition for Coinbase, which become the custody platform of choice for institutional investors issuing spot bitcoin ETFs.
Kraken launched custody services for Kraken Institutional, a platform specifically for institutional investors, the crypto exchange announced Wednesday.
"The launch of Kraken Custody has timed well with the Bitcoin ETF debut breaking all sorts of first in US capital markets," a Kraken spokesperson told The Block. "We anticipate demand for qualified custody solutions will continue to grow alongside the crypto products space."
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