America’s second-largest crypto exchange recently announced the launch of its self-custodial wallet solution on April 17th. This offering provides an alternative to existing options such as MetaMask, Phantom, and Trust Wallet, with an emphasis on privacy and security. The exchange takes measures to ensure user privacy by routing actions through its in-house systems, using an IP-masking strategy.
The company also invited white-hat actors to identify any weaknesses or loopholes in the product, offering rewards through its open-source grant program for successful reports. Following a crash at FTX and a renewed interest in crypto, the exchange aims to expand its presence across various digital asset businesses and compete with rivals like Coinbase. Kraken, in response to Coinbase’s launch of its Ethereum-based layer 2 network Base, was reportedly in talks with several L2 startups about releasing a similar decentralized chain.
Meanwhile, Coinbase, as the largest U.S.-based crypto exchange, has been selected as a custodian by six issuers, indicating a demand for established virtual asset service providers despite facing lawsuits from the SEC. Additionally, the platform is working to secure regulatory approval in multiple jurisdictions.