Kraken to Offer New Crypto Custody Service as Spot ETFs Take Off

The crypto exchange Kraken is set to launch a new custody product this quarter just as US exchange-traded funds investing directly into Bitcoin take off.

“This will be a big event for us,” David Ripley, chief executive officer of Kraken, said during a Bloomberg Television interview on Tuesday. “For a lot of customers, there’s often synergy between the two — custody in the same place where you find liquidity.”

The recently launched US exchange-traded funds investing directly into Bitcoin could potentially be customers, Ripley said. Last week, the Securities and Exchange Commission green lighted almost a dozen spot Bitcoin ...