Kraken Launches Mobile Wallet Across 8 Networks

Kraken has expanded its product with the launch of the Kraken Wallet, a mobile self-custodial wallet supporting 8 blockchain networks.

With the introduction of the Kraken Wallet, Kraken has broadened the scope of its product offerings. This mobile wallet, which provides self-custodial services, allows users to exercise control over their digital assets on eight important blockchain networks.

These networks include Bitcoin, Ethereum, Solana, Optimism, Base, Arbitrum, Polygon, and Dogecoin. The wallet’s goal is to give consumers complete control over their digital assets without forcing them to choose between convenience and safety.

We developed the Kraken Wallet, a multi-functional tool for connecting with the larger digital asset market, to facilitate various decentralized finance (DeFi) acts and manage non-fungible tokens (NFTs).

We initiated its creation with the intention of facilitating these actions. In addition, this endeavor places the exchange in competition with other significant exchanges that provide the same solutions but are distinct from them in that they are committed to the development of open-source software.

Kraken’s Commitment to Security and Privacy

In an effort to make the Kraken Wallet more secure, the company shared its source code on the GitHub platform. Developers from all over the world can review the code in this step.

These developers have the potential to make the code even better through the process of participation, and they also have the ability to find and address any vulnerabilities that may exist.

Increasing the wallet’s level of security and fostering a sense of trust among members of the bitcoin ecosystem are both outcomes that result from Kraken’s use of an open-source methodology.

This new wallet from the exchange places a strong emphasis on privacy as a primary feature, and it does not allow for the acquisition of an excessive amount of user information.

In addition to concealing users’ IP addresses, the wallet does not require any sign-in information, email addresses, or Know Your Customer (KYC) data from its users.

In light of the fact that Kraken is committed to protecting traders’ privacy, the firm claims that it does not even gather data on the functioning of its internal applications.

Because iOS’s CryptoKit does not support the elliptic curve secp256k1, the Kraken Wallet functions as a hot wallet, despite the fact that it has a more secure design.

Due to this technical limitation, the wallet must carry out digital signature activities online. Additionally, the wallet may temporarily reveal private keys, but it will do so in a controlled environment.

Kraken is aware of this issue and the company is constantly working to find solutions that will improve security without compromising the user experience.

A spokeswoman for Kraken stated that this policy demonstrates the company’s efforts to create a compromise between the operational aspects of running a user-friendly platform and the security factors that must be taken into account.

“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.”