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April 17, 2024

Crypto Exchange Kraken Introduces Self-Custodial ‘Kraken Wallet’ And Open-Sources Its Code

In Brief

Kraken releases self-custodial ‘Kraken Wallet’ with support of Ethereum, Bitcoin, Solana, Arbitrum, Optimism, Polygon, Base, and Dogecoin.

Crypto Exchange Kraken Introduces Self-Custodial ‘Kraken Wallet’ And Open-Sources Its Code

Cryptocurrency exchange Kraken announced it has released the self-custodial wallet named “Kraken Wallet.” Initially, the wallet will support eight networks, including Ethereum, Bitcoin, Dogecoin, Arbitrum, Optimism, Polygon, Base, and Solana.

Apart from providing support for various blockchains, the wallet offers functionalities such as portfolio tracking, management of non-fungible tokens (NFTs) and decentralized finance (DeFi) positions, and access to numerous decentralized applications (dApps).

The new wallet prioritizes user privacy by minimizing data collection, particularly avoiding internal application performance analytics. Additionally, user activity will be proxied through Kraken’s infrastructure to safeguard users’ IP data and protect their private information from disclosure. Furthermore, Kraken commits to not retaining any user email, login details, or Know Your Customer (KYC) data, further enhancing user privacy and security. Kraken’s new wallet was audited by Trail of Bits, a company specializing in blockchain auditing and the creation of open-source web3 security solutions.

However, Kraken emphasizes that its new offering is considered a hot wallet because Apple iOS CryptoKit does not support the secp256k1 elliptic curve, which is essential for creating cryptographic keys and digital signatures on blockchain networks like Bitcoin. As a result, the application requires internet access and additional software to sign transactions.

Kraken also announced that the newly launched wallet is open-source, enabling developers to access it and contribute code. The company also plans to offer bounties to developers who identify vulnerabilities through an open-source grant program.

Kraken Expands Product Offerings With New Custody Platform 

Kraken operates as a cryptocurrency exchange that facilitates the trading of cryptocurrencies against fiat currencies. It also provides cryptocurrency derivatives and futures trading services. As of March, Kraken ranked as the sixth-largest cryptocurrency exchange globally, boasting an average daily trading volume of approximately $965 million. Furthermore, its spot market volumes amounted to $49.3 billion in the same month.

Over the past few months, Kraken has been expanding its range of offerings. Recently, it introduced an institutional custody platform named Kraken Custody. Additionally, towards the end of last year, Kraken was in discussions with several Layer 2 teams regarding the development of their own Layer 2 blockchain solution.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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