Kraken Launches Crypto Wallet Supporting Multiple Blockchains

Kraken, the second-largest crypto exchange in the U.S., has introduced its self-custodial mobile wallet.

Dubbed Kraken Wallet, the product follows in the footsteps of prominent platforms such as Binance, OKX, Coinbase, Bitget, and Bybit.

Kraken Wallet’s Focus on Privacy and Self-Custody

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

Kraken released the Wallet’s code on the developer platform GitHub. This shows the company’s commitment to transparency since it invites third-party reviews and contributions to strengthen the wallet’s infrastructure. Furthermore, Kraken has created an open-source grant program that rewards developers for identifying vulnerabilities.

In terms of user privacy, Kraken Wallet prioritizes data protection by minimizing the collection of customer information. The wallet does not store sign-in details, email addresses, or KYC data and conceals user IP addresses. It also omits internal app performance analytics, bringing maximum privacy for users.

Despite its focus on security and privacy, the firm acknowledges that Kraken Wallet remains a hot wallet due to limitations with Apple iOS CryptoKit. As a result, the app requires internet connectivity and additional software for transaction signing, potentially exposing private keys during this process.

Kraken is Working on Product Expansion

Kraken Wallet’s Product Director, Eric Kuhn, emphasized the platform’s alignment with the crypto space’s core principles, including user privacy and open-source code. Kuhn highlighted Kraken’s longstanding advocacy for self-custody of assets, a message the exchange has been promoting for over a decade.

Kraken has been working on expanding its product suite over recent months. On March 20, the company launched Kraken Custody, an institutional-grade custody platform.

In November, reports emerged that Kraken was discussing with several layer 2 teams to explore the development of its own layer 2 blockchain. This initiative followed closely after Coinbase introduced its roll-up chain, Base, in August.

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

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