Kraken, the second-largest crypto exchange in the US, has unveiled its own crypto wallet. The self-custodial “Kraken Wallet” will be released on Wednesday, making it accessible to both Kraken users and non-users. The newly developed wallet will initially support eight prominent blockchains, including Bitcoin, Ethereum, Solana, and Dogecoin, among others.
Notably, Kraken Wallet will be the first wallet from a major exchange to be open-sourced, allowing developers to access and contribute to the code. The exchange emphasized their commitment to support open-source contributors, stating that “it’s at the heart of what crypto is all about: transparency, decentralization and community.” As an additional incentive, Kraken will reward developers who identify vulnerabilities through their open-source grant program, ensuring continuous improvement and bug fixes.
Privacy-conscious crypto users will appreciate Kraken’s commitment to data minimization. The wallet will only collect the essential information required for wallet functionality, and user activity will be routed through Kraken’s infrastructure, safeguarding IP addresses and preventing the exposure of identity and location information. Furthermore, the exchange has engaged Trail of Bits to do a full-scale security audit on the wallet code.
Kraken has been expanding its product suite in recent months. In November, the exchange reportedly explored the development of its own layer 2 blockchain, following Coinbase’s launch of its rollup chain called Base in August.