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Kraken introduced its crypto wallet to compete with providers like Coinbase and Consensys in a growing digital asset storage market.
America's second-largest crypto exchange announced its self-custodial wallet solution on April 17, offering an alternative to similar products like MetaMask, Phantom, and Trust Wallet.
According twitter.com/krakenfx/status/1780612343354855625″ target=”_blank” rel=””>KrakenIts crypto wallet is the first to adopt an open source development style, meaning blockchain creators and contributors can interact with the application code on GitHub.
The storage tool reportedly emphasizes privacy along with security. To achieve this, the crypto exchange chooses to represent user actions through internal systems, a method touted as an IP masking strategy.
Additionally, white hat actors were invited to test the product for weaknesses and loopholes. The company's open source grant program will reward developers who successfully report issues and security patches.
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Following the fall of FTX and the resurgence of interest in cryptocurrencies, the exchange is looking to expand its presence in multiple digital asset businesses and compete with rivals such as Coinbase.
After Coinbase launched its ethereum Base-based Layer 2 network last year, Kraken was said to have approached several L2 startups about launching a similar decentralized chain. Kraken already supports L1 blockchains like the Nibiru chain.
The company also launched its institutional division dedicated to serving large companies and possibly tapping into the bitcoin (btc) ETF spot market. Coinbase, the largest US-based crypto exchange, was chosen as a custodian by six issuers, showing demand from established virtual asset service providers despite SEC lawsuits against the entity.
Additionally, the platform has accelerated efforts to obtain regulatory permissions in multiple jurisdictions. This year alone, the crypto exchange was approved for trading in the Netherlands and a Wyoming-based licensing service was launched for large institutions.
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