- Kraken has launched a self-custodial wallet, joining industry giants like Coinbase and Binance
- The Kraken Wallet embraces open-source architecture, allowing Kraken to enhance transparency and security
- The wallet will accept coins from eight blockchains initially, as well as NFTs
OG crypto exchange Kraken has launched a new self-custodial wallet, joining the likes of Coinbase and Binance, based on open-source architecture. Kraken claims by making its wallet open-source it increases the level of transparency it can offer compared to its competitors, with the wallet itself able to accept coins on eight blockchains, including NFTs. Kraken says that it will add new capabilities over time, with the focus being on security and ease of use.
Open Source Increases Security
In a blog post introducing the Kraken Wallet, the exchange noted that the key challenge lay in the restrictions imposed by mobile operating systems, particularly iOS, which lacks support for certain crucial elements of Bitcoin’s cryptography, as well as that built into other blockchains. This limitation hampers developers’ ability to utilize secure elements for key storage and transaction signing, relegating mobile crypto wallets to the category of hot wallets.
Meet the brand new Kraken Wallet: simple, secure, powerful.
🗝️ Manage multiple wallets
🌐 Multi-chain support
📊 Manage NFTs & DeFi positions
🔒 IP privacy & Encryption
📖 No client side trackingDownload now ⤵️https://t.co/EYHweJGDzV pic.twitter.com/jLbldh9j6k
— Kraken Exchange (@krakenfx) April 17, 2024
Many crypto wallets these days use a mobile device’s secure enclave for transaction signing, where private keys are stored within the memory of the sandboxed app environment. Kraken’s open-source mobile wallet, however, employs a purpose-built security architecture that supports multiple blockchains, generates private keys with high entropy for enhanced security, and leverages “battle-tested cryptography” to encrypt users’ private keys securely.
Privacy Concerns Addressed
The Kraken wallet also offers an additional layer of security with a user-generated password, providing advanced encryption on top of the OS keychain protection. Kraken’s commitment to transparency extends to its decision to release the wallet as free and open-source software under the MIT license, a decision it says reflects the company’s dedication to verifiable and auditable trust minimization.
By allowing anyone to examine the source code, Kraken says, it can ensure transparency and accountability, enabling users to verify security assumptions and audit the implementation. Other privacy and security features include no crash analysis sent to third parties, no over-the-air updates, and efforts to reduce spam attacks.
The Kraken wallet is available to download from the Apple and Google app stores but, as always, follow official links before downloading.
