In response to the evolving crypto environment, Kraken, the second-largest crypto exchange in the US, recently launched a self-custodial mobile wallet on April 17. This new addition to their product lineup focuses on security and offers support for multiple blockchains.

The goal behind Kraken developing this wallet is to compete with other major crypto giants like Coinbase, Ledger, Trezor, and MetaMask. The self-custody wallet is available for both existing Kraken users and those who are not currently using the platform. Kraken aims to support a wide range of blockchains while ensuring top-notch security.

Currently, the wallet supports eight different blockchains, which include Bitcoin, Ethereum, Arbitrum, Polygon, Optimism, Base, Solana, and Dogecoin. The wallet is open-sourced, allowing developers to access and contribute to the code.

Eric Kuhn, the product director for Kraken Wallet, emphasized the importance of self-custody in the cryptocurrency space. He stated that Kraken Wallet is built on principles like user privacy and open-source code.

Insights into the self-custodial mobile wallet

Kraken's self-custodial wallet offers simplicity, security, and robust features compared to other existing wallets. It serves as a comprehensive solution for self-custody needs and provides a wide range of services.

Key features of the wallet include support for multiple chains, portfolio tracking, WalletConnect integration, and around-the-clock support. Users can manage tokens, NFTs, and DeFi positions, access numerous dApps, and enjoy high-level security and support all in one place.

Privacy is a top priority for the Kraken wallet, as it collects minimal data to function while protecting user actions through robust security measures. The wallet prioritizes safeguarding private keys and user data through encryption methods like user-provided passwords and mobile device biometrics.

Due to the limitations of Apple iOS CryptoKit, the Kraken self-custody wallet is classified as a hot wallet and requires fast internet connectivity and additional software for transaction signing.

Updates from Kraken Exchange

As a major competitor to Binance, the largest bitcoin and altcoin exchange worldwide, Kraken consistently updates its products and services to remain competitive in the cryptocurrency industry.

On April 19, Kraken announced the availability of several meme tokens such as Bonk (BONK), Dymension (DYM), Jito (JTO), Jupiter (JUP), Wormhole (W), and Dogwifhat (WIF) in the UK. These tokens can be traded and invested in on the Kraken app once liquidity requirements are met.