Kraken Unveils Qualified Custody for Institutions in Crypto-Friendly Wyoming
Summary
Cryptocurrency exchange Kraken has launched a qualified custody service for institutional clients in Wyoming, operating under the special purpose depository institution (SPDI) charter it obtained in 2020. The service, named Kraken Institutional, will hold all deposits in segregated accounts separate from the exchange, on a full-reserve basis. Wyoming has passed around 35 laws on cryptocurrency since 2016, with Kraken being a major supporter of this regulatory clarity. Kraken Institutional will remain a qualified custodian under the Security and Exchange Commission’s proposed Safeguarding Rule. Later this year, Kraken plans to offer a smart order routing tool providing access to highly liquid order books across multiple venues.
