Crypto exchange Kraken has launched a new institutional-focused custody service named Kraken Custody, aiming to provide qualified custody solutions for US institutional clients. This service, unveiled in Wyoming, is the first product under Kraken's new institutional brand and is offered via Kraken Financial, a state-chartered bank that holds fiat deposits in full reserve. Kraken Custody represents a significant move for Kraken to compete with Coinbase in the digital asset custody space. The launch of Kraken Custody is seen as a strategic game-changer for Kraken, combining proven security technology with a bank structure that offers legal protection for its customers.