In its first stage, Kraken plans to offer 8 different blockchains and a wide variety of currencies, tokens, NFTs, and DeFi assets.
A new self-custodial mobile wallet is now available on Kraken, the second-biggest cryptocurrency exchange in the United States.
The tool, which goes by the name Kraken Wallet, is the latest offering from Kraken, joining the ranks of other well-known platforms like Binance, OKEx, Coinbase, Bitget, and Bybit.
Kraken Wallet provides a platform for cryptocurrency holders to store and manage their tokens, NFTs, and DeFi on many blockchain networks, including Bitcoin, Ethereum, Dogecoin, Base, Solana, and Arbitrum. Users also have access to round-the-clock customer care and popular decentralized application integration.
Kraken made the wallet’s source code available on the GitHub site. By encouraging outside evaluations and contributions to fortify the wallet’s foundation, the firm demonstrates its dedication to openness. On top of that, Kraken offers an open-source grant program that pays programmers to find security flaws.
Kraken Wallet places a premium on data safety by limiting the amount of client information collected, which in turn protects user privacy. The wallet masks users’ IP addresses and does not save any login information, email addresses, or Know Your Customer data. In addition to providing users with complete anonymity, it does away with internal app performance data.
The company admits that Kraken Wallet is still a popular wallet because of restrictions with Apple iOS CryptoKit, even though it prioritizes privacy and security. Consequently, the app can’t sign transactions without an internet connection and extra software, which might lead to the disclosure of private keys.
Eric Kuhn, Product Director of Kraken Wallet, highlighted the platform’s compatibility with the fundamental values of the cryptocurrency industry, such as user anonymity and open-source software. Kuhn brought attention to Kraken’s history of supporting self-custody of assets, an idea that the exchange has been pushing for more than ten years.
Kraken has spent the last few months developing new products to offer its customers. The firm debuted its institutional-grade custody technology, Kraken Custody, on March 20.
Several layer 2 firms were reportedly in talks with Kraken in November about the possibility of Kraken developing its own layer 2 blockchain. This move came soon after Coinbase’s August launch of its roll-up chain, Base.
According to Kuhn, Kraken Wallet is a symbol of the firm’s belief in the “your keys, your crypto” philosophy, which is essential for facilitating permissionless access to financial resources. He vowed to create the most transparent, secure, and private cryptocurrency wallet possible.
He went on to say that Kraken is open to other wallets’ ideas and innovations, but that its primary goal is to provide consumers with a top-notch solution for their crypto wallet requirements.
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Wallets