Kraken Launches Self-Custodial Mobile Wallet Across Eight Networks

Kraken has expanded its product lineup by introducing the Kraken Wallet. Through this self-custodial mobile wallet, users can control their digital assets on eight crucial blockchain networks, such as Bitcoin, Ethereum, Solana, Optimism, Base, Arbitrum, Polygon, and Dogecoin. The wallet is designed to provide users with total power over their digital assets without forcing them to choose between convenience and security.

The Kraken Wallet was created to facilitate different decentralized finance (DeFi) actions and manage non-fungible tokens (NFTs), becoming a multi-functional tool for interacting with the wider digital asset world. In addition, this initiative puts Kraken in league with other major exchanges that offer the same solutions but are different from them by being dedicated to open-source development.

Kraken’s Commitment to Security and Privacy

To increase the security of the Kraken Wallet, Kraken published its code on GitHub. This step makes the code available for review by developers around the world who could make it even better in the process of participation and, of course, who could identify and fix any vulnerabilities. Through the adoption of an open-source approach, Kraken increases the wallet’s security and creates a sense of trust within the cryptocurrency community.

Kraken’s new wallet focuses on privacy as a central characteristic, prohibiting the collection of too much user information. The wallet does not need any sign-in information, email addresses, or Know Your Customer (KYC) data, and it also hides users’ IP addresses. According to Kraken, internal app performance analytics are not even collected, as the company outlines the privacy of the traders.

Technical Considerations and User Experience

The Kraken Wallet, despite its fortified design, acts as a hot wallet because iOS’s CryptoKit does not support the elliptic curve, secp256k1. This technical limitation requires the wallet to perform digital signing operations online, and they might expose private keys for a while but under a controlled setting. Kraken is aware of this problem and keeps working on solutions to improve security without sacrificing the user experience.

Kraken spokesman pointed out:

“Although we cannot sign directly in the secure elements, which would provide better protection, we have set a goal to deliver an open-source mobile crypto wallet that emphasizes security, transparency, and user control.”

This strategy exhibits Kraken’s effort to strike a balance between security considerations and the operational aspects of running a user-friendly platform.

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