Kraken expands financial services with new wallet and institutional platform

Kraken has expanded its financial ecosystem through significant updates to its wallet and institutional services. The Kraken Wallet has evolved into a comprehensive financial operating system supporting self-custody, DeFi, and tokenized assets across more than 12 networks, including Bitcoin, Ethereum, and Solana.

Following the acquisition of Magic Labs’ embedded wallet business in July 2026, Kraken integrated wallet functionality directly into its main trading interface. This allows users to trade over 2,500 verified Solana tokens without seed phrases. The wallet also features DeFi Earn vaults, such as a Bitcoin Vault that reached approximately $400 million in deposits by mid-2026, and partnerships with firms like Centrifuge for real-world asset management.

Simultaneously, Kraken has redesigned Kraken Prime into a self-service platform for institutional clients. The updated interface allows institutions to manage execution, settlement, permissions, and reporting through a single UI, reducing the previous reliance on API integrations or manual desk-managed processes. The platform now supports multi-venue execution, post-trade net settlement, and various order types, including limit, market, and TWAP orders.