Kraken Launches Crypto Wallet Supporting Multiple Blockchains

Kraken, the second largest crypto exchange in the US, has introduced its self-custodial mobile wallet.

Dubbed Kraken Wallet, the product follows in the footsteps of prominent platforms such as Binance, OKX, Coinbase, Bitget and Bybit.

Kraken Wallet's Focus on Privacy and Self-Custody

Kraken Wallet offers users a solution to manage their tokens, nfts and DeFi on blockchain networks such as bitcoin, ethereum, Polygon, Dogecoin, Base, Solana and Arbitrum. Additionally, users can connect to popular decentralized applications and access 24/7 customer service support.

Kraken released the Wallet code on the GitHub development platform. This shows the company's commitment to transparency as it invites reviews and contributions from third parties to strengthen the wallet infrastructure. Additionally, Kraken has created an open source grant program that rewards developers for identifying vulnerabilities.

In terms of user privacy, Kraken Wallet prioritizes data protection by minimizing the collection of customer information. The wallet does not store login details, email addresses or KYC data and hides users' IP addresses. It also skips internal analyzes of app performance, providing maximum privacy to users.

Despite its focus on security and privacy, the firm acknowledges that Kraken Wallet remains a popular wallet due to limitations with Apple iOS CryptoKit. As a result, the application requires Internet connectivity and additional software for signing transactions, which could expose private keys during this process.

Kraken is working on product expansion

Kraken Wallet Chief Product Officer Eric Kuhn emphasized the platform's alignment with the fundamental principles of the crypto space, including user privacy and open source code. Kuhn highlighted Kraken's long advocacy for self-custody of assets, a message the exchange has been promoting for more than a decade.

Kraken has been working to expand its product suite over the past few months. On March 20, the company launched Kraken Custody, an institutional-grade custody platform.

In November, reports emerged that Kraken was in discussions with several Layer 2 teams to explore developing its own Layer 2 blockchain. This initiative followed closely after Coinbase unveiled its rollup chain, Base, in August.

Kuhn added that Kraken Wallet represents the company's investment in the ethos of “your keys, your crypto,” which is critical to enabling permissionless financial access. He committed to creating the best all-in-one crypto wallet that prioritizes openness, security, and privacy.

He added that while Kraken welcomes competition from other wallets, it remains focused on offering a superior solution that meets the needs of users looking for a secure and versatile crypto wallet.

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