Cryptocurrency exchange Kraken has joined the growing trend of centralized exchanges (CEXs) offering self-custody wallets. Their new Kraken Wallet allows users to hold their own digital assets, including cryptocurrencies, tokens, non-fungible tokens (NFTs), and even DeFi assets, on eight supported blockchains. This move follows similar offerings from Binance, OKX, Coinbase, Bitget, and Bybit.

The Kraken Wallet app on iOS.

Kraken emphasizes that the wallet can be used independently, even by those who are not existing Kraken exchange customers. They describe it as a “multichain bridge to the decentralized financial system,” highlighting its potential to appeal to users who value control over their crypto holdings.

Initially, Kraken Wallet supports a wide range of digital assets on popular blockchains like Bitcoin, Ethereum, Solana, and Dogecoin. Additionally, it integrates with several Layer 2 scaling solutions, including Optimism, Arbitrum, Polygon, and Base. This provides users with flexibility and avoids the high transaction fees sometimes associated with the main Ethereum network.

The emergence of self-custody wallets offered by CEXs reflects a growing interest in user control within the cryptocurrency space. While centralized exchanges offer convenience and ease of use, some users prefer the security and self-sovereignty that come with holding their own private keys. Kraken’s entry into this market suggests this trend is likely to continue, potentially shaping the future of cryptocurrency custody solutions.