Kraken Launches Self-Custody Wallet: 24/7 Customer Support, Open Source for Security

The announcement from the well-established U.S. exchange Kraken yesterday revealed the launch of their self-custody wallet, Kraken Wallet, which supports users in securely storing their tokens, NFTs, and DeFi assets without the need to switch between eight blockchains, including Bitcoin. Additionally, they have even released the open-source code for the app.

Kraken Launches Web3 Wallet

As centralized exchanges (CEX) continue to roll out their own custodial wallets, Kraken is not falling behind. Its recently launched Kraken wallet can now be found on the App Store.

Multi-Chain Support, Smooth Experience

A blog post by Kraken states that the Kraken Wallet will allow users to interact on eight different blockchains, including Bitcoin, Ethereum, Solana, Optimism, Base, Arbitrum, Polygon, and Doge, without the need to switch networks:

With its sleek user interface design, Kraken Wallet will provide users with more storage and management options for cryptocurrencies, NFTs, and DeFi assets.

Additionally, the wallet integrates WalletConnect, allowing users to seamlessly access various DApps.

Emphasis on Privacy and Security

On the privacy front, Kraken emphasizes that the wallet collects minimal user data and user activities are proxied through Kraken's infrastructure to protect user IP addresses and identity:

Kraken Wallet does not collect user login information, email addresses, or even performance analytics of the app itself.

Moreover, Kraken Wallet features biometric and user password protection, with 24-hour customer support available for any inquiries.

First Open-Source Wallet Release

Lastly, Kraken emphasizes its commitment to user security by having all the code of Kraken Wallet audited by Trail of Bits and openly available on GitHub for third-party review:

Why open-source? Because it embodies the core principles of cryptography: transparency, decentralization, and community. Without the passion of open-source developers, our products would not be possible.

Furthermore, "this is also why we launched the Open-Source Grants program. It's great work, and Kraken will continue to support the open-source community, further fulfilling this commitment with Kraken Wallet."

Exchanges Rush into Self-Custody Wallet Market

As global regulatory authorities increasingly enforce actions against the activities of centralized exchanges, many exchanges have turned to offering self-custody wallet services, including Binance, OKX, Coinbase, and Bitget, to provide users with higher autonomy and privacy protection while reducing reliance on regulation.

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