Kraken launches self-custodial mobile wallet and releases its open-source code

The crypto exchange giant Kraken released a self-custodial mobile wallet called Kraken Wallet, and it even published the app's code at launch. 

Kraken Wallet lets users manage their NFTs, tokens and DeFi positions across Bitcoin, Ethereum, Solana, Optimism, Base, Arbitrum, Polygon and Dogecoin, according to a release from Kraken. Users can also connect to popular decentralized applications and access round-the-clock customer service support. 

The firm also released Kraken Wallet's code on the developer platform GitHub, stating that third-party review strengthens the wallet's security. 

The wallet also eschews all but necessary customer data collection in the name of privacy. Kraken holds no sign-in details, email addresses or know-your-customer information, and the firm hides user IP addresses. "Not even internal app performance analytics are collected," the company adds. 

Missing key curve

Kraken notes that Kraken Wallet remains a hot wallet due to Apple iOS CryptoKit not supporting the secp256k1 elliptic curve, which is used to create cryptographic keys and digital signatures on the blockchain networks like Bitcoin. The app must use the internet and use additional software to sign transactions. 

"This means that the private keys must be exposed — at least during signing — within the memory of the sandboxed app environment. This leaves them more exposed to potential threats than a wallet which uses a secure element to sign transactions," the firm said. "Despite the inability to perform the signing on the secure elements directly, which would offer increased protection, we have committed to providing an open-source mobile crypto wallet that prioritizes security, transparency and user control."

Kraken brought in $49.3 billion in spot market volumes in March, according to The Block's Data Dashboard. The firm also launched an institutional custody platform called Kraken Custody on March 20.