Published
1 month ago on
February 28, 2024
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Cryptocurrency exchange Kraken launched a new brand offering dedicated cryptocurrency solutions to institutions. “Kraken Institutional” aims to provide bespoke, all-encompassing solutions to meet the needs of Kraken’s institutional client base.
Kraken, one of the most established crypto exchanges, debuted its new unit, " Kraken Institutional, " which offers premium service to larger customers.
Introducing Kraken Institutional, a comprehensive crypto solution that offers institutions all they need to engage in the digital asset-class.
— Kraken Pro (@krakenpro) February 27, 2024
Read Global Head of Institutional @Tim_Ogilvie's blog for more: https://t.co/gKaUMmORRg pic.twitter.com/k6EgIImKv0
Taking Advantage of Bitcoin ETFs
In a bid to cash in on the recently approved spot Bitcoin exchange-traded funds (ETFs), Kraken launched a new institutional-focused brand called “Kraken Institutional.” Tim Ogilvie, Global Head of Institutional, announced the news in a blog post.
In a press release, the exchange explained Kraken Institutional is an “umbrella brand for a number of Kraken’s existing products and services aimed at institutions, asset managers, hedge funds and high net-worth individuals.”
According to the press release, Kraken Institutional will be the single point of contact for reliable, scalable, and easy-to-integrate solutions for institutional clients seeking exposure to the crypto industry. Kraken Institutional combines the exchange’s products and existing service institutions, including spot and OTC trading and staking. Crypto staking is only available to those outside of the US. The exchange assured its clients Kraken Institutional is protected by world-class cybersecurity and supported by award-winning account managers.
David Ripley, CEO of Kraken, said:
“If you already work with Kraken, you know how much we care about offering high-quality products and a client-first experience. 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.”
Kraken Institutional is headed by Tim Ogilvie as Global Head and is joined by industry-leading engineers, product specialists, and traders.
Ogilvie expressed the importance of Kraken Institutional in light of recent spot BTC ETF approvals in the US and the growing rate of crypto adoption.
“Institutional adoption of crypto is growing rapidly, and with the launch of Kraken Institutional we’re poised to grow with this client segment. 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 Remains At Odds With US Regulators
Cryptocurrency staking through Kraken Institutional will not be available to customers in the US after the exchange halted its staking services following a settlement with the US Securities and Exchange Commission (SEC). The SEC stated Kraken’s staking program was an unlawful offer and sale of securities. Kraken consequently agreed to shutter its staking program in the US and pay a $30 million fine.
Kraken is continually at odds with the SEC. In its most recent move against the exchange, the SEC filed a lawsuit claiming it operated as an unregistered securities exchange, broker, dealer, and clearing agency.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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