Скачать или смотреть Kraken Launches Institutional Services Division to Compete for Bitcoin

Ruholamin Haqshanas

Last updated:

February 28, 2024 01:38 EST
| 2 min read






































Source: Dall-E

Kraken has unveiled a new division dedicated to providing services to institutional clients as it seeks to gain a foothold in the Bitcoin exchange-traded fund (ETF) market. 

In a recent blog post, the exchange said the newly-formed Kraken Institutional brand incorporates its existing institutional offerings, including spot and over-the-counter trading, as well as crypto staking services (for clients outside the United States). 

The division primarily targets asset managers, hedge funds, and high net-worth individuals.

Tim Ogilvie to Lead Kraken Institutional Division.


Tim Ogilvie, co-founder of Staked, a company acquired by Kraken in December 2021, will lead the Kraken Institutional division. 

In a statement, Ogilvie emphasized the rapid growth of institutional adoption in the crypto space and attributed it, in part, to the recent approval of Bitcoin ETFs. 







Coinbase, which serves as the custodian for eight of the ten newly launched Bitcoin ETFs, is expected to reap substantial earnings in the coming year. 

With its new institutional services division, Kraken aims to compete with Coinbase Institutional and Coinbase Prime, which were established in 2021 to cater to institutional investors.

Kraken Institutional also faces competition from Binance Institutional, launched in mid-2022, which provides tailored solutions for institutional users such as asset managers, brokers, hedge funds, family offices, liquidity providers, and proprietary trading firms.

In the blog post, Ogilvie outlined Kraken Institutional’s plans to introduce a “qualified custody” service, backed by Kraken Financial, a Special Purpose Depository Institution chartered in Wyoming. 

The move positions Kraken as a secure custodian for institutional clients seeking reliable storage solutions for their digital assets.

Meanwhile, the exchange has also recently filed to dismiss the Securities and Exchange Commission lawsuit saying that allowing this case to continue would set a “dangerous precedent.” 

The SEC alleged in November that the exchange’s parent companies were operating Kraken’s crypto trading platform as an unregistered securities exchange, broker, dealer, and clearing agency.

By allowing this case to continue sets a “dangerous precedent for agency overreach,” said Kraken in a blog post. 

The exchange stressed that the SEC never...

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