New Kraken Wallet Launched To Compete With Major Competitors

Key Points:

• Kraken launches its own wallet, entering the competitive crypto product market.
• The Kraken Wallet offers simplicity, security, and functionality, with features like on-chain transactions and robust security measures.
• As open-source software under the MIT license, users can verify and audit the code, enhancing trust in the wallet’s security.

Kraken, the second-largest U.S.-based crypto exchange, has unveiled its own wallet, stepping up its game in the competitive arena of cryptocurrency products and joining the ranks of major players.

Key Features of Kraken Wallet: Simplified Transactions and Enhanced Security

The newly introduced Kraken Wallet signifies a significant stride in cryptocurrency adoption. Designed for seamless on-chain transactions, the self-custodial wallet prioritizes simplicity, security, and functionality, aiming to enhance accessibility to decentralized finance.

Accessible to both Kraken users and non-users, the multichain Kraken Wallet acts as a gateway to the decentralized financial ecosystem. Focused on privacy and security, it enables users to retain custody of their digital assets and data, backed by Kraken’s robust security measures.

Kraken Wallet simplifies the user experience by eliminating the need for complex network switching or managing multiple seed phrases. Notable features include portfolio tracking, support for multiple blockchains, WalletConnect integration for decentralized applications access, and round-the-clock customer support.

Kraken’s Open-Source Approach to Security

Privacy-conscious, the wallet collects only essential operational data, ensuring user activity remains protected. Security measures, including biometric authentication and encrypted passwords, have been bolstered through a rigorous security audit conducted by cybersecurity experts Trail of Bits.

The launch of Kraken’s new wallet positions it alongside competitors like MetaMask, Ledger, and Trezor in the dynamic cryptocurrency wallet landscape. While Coinbase remains a dominant force, other exchanges like Binance and OKX also cater to users with their own wallet solutions.

As a cornerstone of its security approach, Kraken Wallet is offered as free and open-source software under the MIT license. It empowers users with the ability to verify and audit the code, aligning with the ethos of trust minimization in the cryptocurrency space.