Kraken Launches Open-Source Crypto Wallet, Enters Competition With Coinbase and MetaMask

Kraken, one of the prominent U.S.-based crypto exchanges, has unveiled its own crypto wallet, joining competitors like Coinbase and MetaMask in the increasingly competitive market. The new self-custodial "Kraken Wallet" will support multiple blockchains including Bitcoin, Ethereum, Solana, and others upon its release. Notably, it will be the first wallet from a major exchange to be open-sourced, allowing developers to access and contribute to its code. Kraken emphasises user privacy by collecting only essential data and routing user activity through its infrastructure to shield IP addresses and prevent external exposure of identity and location information. Eric Kuhn, the Product Director for Kraken Wallet, highlighted the company's commitment to user privacy and open-source principles, stating that the wallet aims to provide access to various crypto ecosystems while prioritising security and privacy. Kraken's move into the wallet space reflects the growing importance of self-custody in the crypto industry, particularly in the wake of incidents like the collapse of FTX crypto exchange, underscoring the risks associated with leaving assets on centralised platforms.