Kraken crypto exchange has launched a new platform aimed at institutional investors, streamlining its services to attract more diverse asset managers into the crypto sector.
The exchange announced that the initiative is overseen by Tim Ogilvie, consolidating key services such as spot exchange, derivatives trading, and custody under a single institutional brand.
The exchange’s focus on institutional clients marks a strategic shift towards nurturing new entrants in the crypto market rather than just competing for existing shares.
In addition, the launch of Kraken Institutional will focus on “qualified custody” through Kraken Financial, a Wyoming-chartered institution. This aligns with the US SEC’s proposal emphasizing the importance of securing client assets with qualified custodians.
This comes after Coinbase exchange’s launch of Coinbase Prime three years ago, targeting institutional investors with custody, trading, and analytics services.
Overall, Kraken remains optimistic about the growing market. The crypto exchange believes there is ample space for multiple institutional crypto offerings, as more institutional investors enter the market.
