Kraken, the second-largest cryptocurrency exchange in the United States, has unveiled its new self-custodial mobile wallet.
Known as Kraken Wallet, this product follows the lead of major platforms like Binance, OKX, Coinbase, Bitget, and Bybit.
Emphasis on Privacy and Self-Custody
Kraken Wallet provides users with a solution to manage their tokens, NFTs, and DeFi activities across various blockchain networks such as Bitcoin, Ethereum, Polygon, Dogecoin, Base, Solana, and Arbitrum. Additionally, users can interact with popular decentralized applications and access round-the-clock customer support.
Kraken has made the Wallet’s code available on the developer platform GitHub, showcasing their dedication to transparency by encouraging third-party reviews and contributions to enhance the wallet’s framework. Moreover, Kraken has initiated an open-source grant program to incentivize developers for identifying vulnerabilities.
Regarding user privacy, Kraken Wallet places a strong emphasis on data protection by minimizing the collection of customer information. The wallet refrains from storing sign-in credentials, email addresses, or KYC data, and it masks user IP addresses. It also excludes internal app performance analytics to ensure maximum user privacy.
Despite its robust security and privacy features, Kraken acknowledges that Kraken Wallet functions as a hot wallet due to constraints with Apple iOS CryptoKit. Consequently, the application necessitates internet connectivity and additional software for transaction signing, potentially exposing private keys during this process.
Product Expansion Efforts by Kraken
Eric Kuhn, the Product Director of Kraken Wallet, underscored the platform’s alignment with the fundamental principles of the cryptocurrency space, particularly user privacy and open-source coding. Kuhn emphasized Kraken’s longstanding advocacy for self-custody of assets, a message the exchange has championed for more than a decade.
In recent months, Kraken has been actively expanding its product portfolio. In March, the company introduced Kraken Custody, an institutional-grade custody platform.
Reports surfaced in November indicating that Kraken was in talks with several layer 2 teams to explore the development of its own layer 2 blockchain. This initiative closely followed Coinbase’s introduction of its roll-up chain, Base, in August.
Kuhn reiterated that Kraken Wallet symbolizes the company’s commitment to the “your keys, your crypto” philosophy, essential for facilitating permissionless financial access. He pledged to create the ultimate all-in-one crypto wallet that prioritizes transparency, security, and privacy.
Furthermore, while welcoming competition from other wallets, Kraken remains steadfast in its mission to deliver a superior solution that caters to the requirements of users seeking a secure and versatile crypto wallet.
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