Kraken financial services expansion

Kraken has expanded its financial service offerings, moving from specific lending products to a broader integrated financial ecosystem.

Initially, the company launched ‘Kraken Borrow US’, a cryptocurrency borrowing service available in 48 U.S. states. This service allows eligible customers to use certain digital assets as collateral to increase buying power by up to three times the value of their holdings. The product utilizes a customer’s U.S. dollar balance first and includes risks such as automatic liquidation if a position’s health deteriorates.

Subsequently, Kraken moved toward integrating exchange, brokerage, and banking functions through a unified ledger. In the European Economic Area, the company introduced a ‘Unified Wallet’ feature that pools spot, margin, and Earn balances to serve as collateral for futures trading. This system accepts over 40 cryptocurrencies, euros, dollars, and gold. To further its banking objectives, Kraken has agreed to acquire the Lithuanian bank Saldo, a transaction expected to close in 2027 pending regulatory approval.