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Kraken, the second-largest crypto exchange, added a new product to the list and announced the launch of a self-custodial mobile wallet.
As the crypto environment continuously evolves, the crypto giants are introducing new products and services to sustain. On April 17, Kraken, the US’s second-largest crypto exchange, introduced a self-custody wallet. The new member of the wallet community is focused on security and supports multiple blockchains.
The Launch Of Self-Custodial Mobile Wallet
Kraken has developed its wallet to compete with crypto giants, including Coinbase, Ledger, Trezor, and MetaMask.
On April 17, the crypto exchange introduced its first self-custody wallet, which is available for Kraken users and non-users. The main motive behind the wallet introduction is to support a wide range of blockchains and offer top-notch security.
The chain currently supports eight blockchains, including Bitcoin, Ethereum, Arbitrum, Polygon, Optimism, Base, Solana, and Dogecoin. Interestingly, the wallet is open-sourced, permitting developers to access and contribute to the code.
The exchange decided to reward developers who identify vulnerabilities through an open-source grant program.
Eric Kuhn, the product director for Kraken Wallet, announced the same.
“Kraken has been telling people for more than ten years to self-custody their cryptocurrencies. We built Kraken Wallet on the principles central to the crypto space, such as user privacy and open source code,” said Kuhn.
Self-Custodial Mobile Wallet Insights
Uncovering the feature in detail, the self-custody wallet is simple, secure, and powerful compared to existing wallets. It is a one-stop solution for self-custody requirements and delivers a wide range of services.
The main features are multichain support, comprehensive portfolio tracking, WalletConnect integration, and 24/7 support. With Kraken wallet, users can track tokens, NFTs, and Decentralized Finance (DeFi) positions in one place.
Moreover, individuals can access thousands of dApps in one place with high-level security and 24/7 assistance. Additionally, Privacy is paramount for the Kraken wallet; thus, it collects minimal data to operate as a wallet.
User actions are protected through Kraken’s infrastructure to safeguard the IP address and prevent personal detail exposure. Additionally, the wallet doesn’t require the user’s sign-in details, KYC information, or email addresses.
The multiple layers of security help in guarding the private keys as well as user data. User-provided password encryption and biometrics from the mobile device are the main methods of data protection used.
Furthermore, due to limitations with Apple iOS CryptoKit, the Kraken self-custody wallet will be considered a hot wallet. Also, the wallet requires fast and reliable internet connectivity and additional software to perform transaction signing.
Latest Updates On Kraken Exchange
Kraken is one of Binance’s biggest rivals, the world’s biggest bitcoin exchange and altcoin crypto exchange. The exchange continuously updated its products and services to secure its position in the crypto space.
On April 19, the platform announced the availability of a few meme tokens on the exchange. According to Kraken, tokens including Bonk (BONK), Dymension (DYM), Jito (JTO), Jupiter (JUP), Wormhole (W), and Dogwifhat (WIF) are available on Kraken in the UK.
Individuals can invest and trade with the respective token list, which will be available on the Kraken app once the liquidity conditions are met.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
