Kraken launches cryptocurrency wallet that supports multiple blockchains

In its initial phase, Kraken aims to offer a diverse range of supported tokens, NFTs and DeFi assets across 8 blockchains.

Kraken, the second largest cryptocurrency exchange in the United States, has launched its self-hosted mobile wallet.

The product, called Kraken Wallet, follows in the footsteps of well-known platforms such as Binance, OKX, Coinbase, Bitget and Bybit.

Kraken Wallet Focus on privacy and self-hosting

Kraken Wallet provides users with a solution for managing their tokens, NFTs and DeFi across blockchain networks such as Bitcoin, Ethereum, Polygon, Dogecoin, Base, Solana and Arbitrum. Additionally, users can connect to popular decentralized applications and access 24/7 customer service support.

Kraken released the code for the wallet on the developer platform GitHub. This demonstrates the company’s commitment to transparency as it invites third parties to review and contribute to strengthen the wallet’s infrastructure. Additionally, Kraken has created an open source funding program to reward developers who discover vulnerabilities.

When it comes to user privacy, Kraken Wallet prioritizes data protection by minimizing the collection of customer information. The wallet does not store login details, email addresses or KYC data, and hides user IP addresses. It also omits internal application performance analysis, giving users maximum privacy protection.

Although Kraken Wallet is focused on security and privacy, the company acknowledges that Kraken Wallet is still a hot wallet due to limitations of Apple iOS CryptoKit. Therefore, the application requires an internet connection and additional software to sign transactions, potentially exposing private keys in the process.

Kraken is working on expanding the product

Eric Kuhn, Kraken Wallet’s product director, emphasized the platform’s alignment with core principles in the crypto space, including user privacy and open source code. Kuhn highlighted Kraken’s long-standing advocacy for self-custody of assets, a concept the exchange has been promoting for more than a decade.

Kraken has been working on expanding its product suite in recent months. The company launches Kraken Custody, an institutional-grade custody platform.

In November, it was reported that Kraken was in discussions with multiple second-layer network teams to explore the development of its own second-layer blockchain. The move comes on the heels of Coinbase launching its roll-up chain Base in August.

Kuhn added that the Kraken Wallet represents the company’s investment in the concept of “your keys, your crypto,” which is critical to enabling permissionless financial access. He is committed to building the best all-around cryptocurrency wallet that prioritizes openness, security, and privacy.

He added that while Kraken welcomes competition from other wallets, it remains focused on providing a superior solution that meets the needs of users looking for a secure and versatile crypto wallet.

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