Kraken Unveils Qualified Custody for Institutions in Crypto-Friendly Wyoming
As I sit here in Wyoming, surrounded by rolling hills and vast open spaces, I am reminded of the pioneering spirit that has always defined this great state. It’s a spirit that has driven innovation and progress, and it’s a spirit that has led Kraken to make a bold move in the world of cryptocurrency.
Wide open spaces
Kraken, the popular cryptocurrency exchange, has just unveiled its qualified custody service for institutions in Wyoming. This move marks a significant milestone in the development of the cryptocurrency market, and it’s a testament to Wyoming’s commitment to creating a regulatory environment that fosters innovation.
Kraken’s qualified custody service is designed to provide institutions with a secure and reliable way to store their cryptocurrency assets. The service is operated under Kraken’s state-chartered banking license, which was obtained in 2020. This means that deposits are held in segregated accounts, remote from the exchange, and on a full-reserve basis.
Kraken logo
Wyoming has been at the forefront of cryptocurrency regulation, passing 35 laws since 2016 to provide clarity and certainty for businesses operating in the space. It’s no surprise, then, that Kraken has chosen to launch its qualified custody service in the state.
As I reflect on the significance of this move, I am reminded of the importance of regulatory clarity in driving innovation. It’s a lesson that other states would do well to learn from.
Wyoming state capitol building
Kraken’s engineering team has also built a smart order routing tool that provides access to highly liquid order books across multiple venues. This will be offered by Kraken Institutional later this year, and it’s a development that has the potential to significantly improve execution quality and price.
Smart order routing diagram
As I look to the future, I am excited to see the impact that Kraken’s qualified custody service will have on the cryptocurrency market. It’s a development that has the potential to drive growth, increase adoption, and bring greater stability to the market.
Cryptocurrency graph
In conclusion, Kraken’s qualified custody service is a significant development in the world of cryptocurrency. It’s a testament to the power of innovation and the importance of regulatory clarity. As we look to the future, I am excited to see the impact that this service will have on the market.
Wide open spaces
