Kraken Prime will offer institutional crypto clients trading, custody and financing through a unified platform.
Global cryptocurrency exchange Kraken has unveiled a prime brokerage service for institutional crypto traders, offering best execution, deep liquidity, financing and 24/7 white-glove support, the company said on Tuesday.
Kraken Prime offers access to liquidity representing over 90% of the digital asset market across more than 20 global venues, with round-the-clock support from an experienced account management team, according to a press release.
Trades can be executed directly from qualified custody managed by Kraken Financial, a U.S. state-charted bank, Kraken said. The platform also supports asset-backed lending, T+1 credit facilities and a seamless integration with both on and off-platform liquidity through an in-house smart order routing system, the firm said.
Crypto prime brokerage, approximate to what traditional prime brokers offer in equities, is a set of services that large exchanges and digital asset-focused brokerages have been striving to deliver for the past several years.
“Kraken Prime enters the market with a clear mandate: deliver execution quality, service depth and institutional rigor that not only meet but exceed what traditional finance expects,” said David Ripley, co-CEO of Kraken in a statement.
“Kraken Prime’s edge lies in prioritizing quality, reliability and consistency, which are especially critical in volatile markets. We may not be the first to market but we’re setting the bar for institutional crypto,” Ripley said.
Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.
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