Kraken, the second-largest U.S.-based cryptocurrency exchange, has announced the launch of its own crypto wallet, entering a competitive market alongside industry giants like Coinbase and MetaMask.

The new self-custodial "Kraken Wallet" will be released on Wednesday and will support eight major blockchains including Bitcoin, Ethereum, Solana, and Dogecoin. Kraken's wallet will also be the first from a major exchange to be open-sourced, allowing developers to access and contribute to the code.

In addition to prioritizing user privacy by collecting minimal data, Kraken will shield user activity through its own infrastructure to prevent exposure of identity and location information. This move follows a trend in the industry, with other exchanges like Binance and OKX also offering wallet solutions to their users.

According to Eric Kuhn, Product Director for Kraken Wallet, the company's decision to launch its own wallet aligns with the principles of the crypto space, emphasizing user privacy and open-source code. Kraken's expansion into on-blockchain products comes on the heels of a challenging year for centralized exchanges, as demonstrated by the collapse of FTX crypto exchange in 2022.

Kuhn stressed the importance of self-custody in the crypto ecosystem, stating that Kraken Wallet is a strategic investment in permissionless financial access. While welcoming competition, Kraken aims to focus on building the best all-in-one crypto wallet that is secure, private, and open-source.

Last edited at：2024/12/16