Kraken Eyes To Enter Crypto ETF Custody Race
Kraken, the second-largest US crypto exchange, is considering entering the crypto ETF custodian frenzy, following Coinbase’s lead.
Coinbase currently serves as the custodian for eight out of the 11 Spot Bitcoin ETFs approved on January 10. Kraken aims to gain a significant share in the crypto ETF domain.
The highly-anticipated May approval would pit Kraken against Coinbase in the crypto ETF custody game.
Coinbase has already partnered with major crypto ETF players like BlackRock, Grayscale, and Franklin Templeton, which have applied for the Spot Ethereum ETF approval.
Franklin Templeton’s proposed Spot Ethereum ETF includes a staking option, allowing the fund to earn rewards by participating in ETH’s consensus mechanism.
This innovative feature bridges traditional financial instruments with Ethereum’s transactional characteristics, setting it apart from its competitors.
(With inputs from Shikha Singh)
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