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Kraken Launches Self-Custodial Mobile Wallet Across Eight Networks

Kraken unveils a self-custodial mobile wallet for Bitcoin, Ethereum, and more, emphasizing security with open-source code and privacy.
Kraken Launches Self-Custodial Mobile Wallet Across Eight Networks

Highlights

  • Kraken Wallet supports 8 major blockchains for diverse asset management.
  • Open-source release on GitHub boosts Kraken Wallet's security.
  • Privacy prioritized: no excessive data collection or performance tracking.

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.

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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.

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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.

Read Also: Kenyan Authorities Confirm Nigeria’s Extradition Talks For Runaway Binance Executive

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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