Kraken has recently launched a self-custodial mobile wallet that supports eight prominent blockchain networks, including Bitcoin, Ethereum, Solana, Optimism, Base, Arbitrum, Polygon, and Dogecoin. This new wallet empowers users to manage their digital assets independently, with a focus on security and privacy.

Kraken's Multi-Functional Wallet for DeFi and NFTs

The Kraken Wallet is designed to facilitate various decentralized finance (DeFi) activities and manage non-fungible tokens (NFTs), making it a versatile tool for engaging with the broader digital asset ecosystem. By offering this solution, Kraken aligns itself with other major exchanges that prioritize open-source development.

Open-Source Code for Increased Security and Trust

To enhance the security of the Kraken Wallet, Kraken has made its code publicly available on GitHub, inviting developers worldwide to review and improve it. By adopting an open-source approach, Kraken aims to build trust within the cryptocurrency community and ensure the wallet's security.

Privacy as a Core Feature

The Kraken Wallet prioritizes privacy, refraining from collecting excessive user information. It does not require sign-in details, email addresses, or Know Your Customer (KYC) data, and it also hides users' IP addresses. Kraken emphasizes that it does not collect internal app performance analytics, demonstrating its commitment to trader privacy.

Addressing Technical Limitations and User Experience

Despite its robust design, the Kraken Wallet functions as a hot wallet due to iOS's CryptoKit not supporting the elliptic curve, secp256k1. This limitation necessitates online digital signing operations, which may expose private keys temporarily under controlled conditions. Kraken acknowledges this challenge and is working on solutions to enhance security without compromising user experience.

Balancing Security and User-Friendliness

A Kraken representative stated:

"While we cannot perform direct signing in secure elements, which would offer better protection, our goal is to deliver an open-source mobile crypto wallet that emphasizes security, transparency, and user control."

This approach highlights Kraken's efforts to strike a balance between security considerations and the operational aspects of running a user-friendly platform.