According to ChainCatcher, Kraken's institutional business unit, Kraken Institutional, has begun providing custody services to clients in the UK and Australia, according to Bloomberg. The unit was launched in the US in March this year, mainly targeting hedge funds and exchange-traded fund issuers. Kraken plans to expand to more markets in 2024, including the EU, Switzerland, the Cayman Islands and the British Virgin Islands. Kraken's retail trading services are already available globally, and its newly launched institutional services provide more control and functionality for large users.