Kraken provides its open-source code and introduces a self-custodial mobile wallet

  • Users may manage their NFTs, tokens, and DeFi positions across eight blockchain networks with Kraken Wallet.
  • To enhance the wallet’s security through independent evaluation, the company made the app’s open-source code available on GitHub. 

A self-custodial mobile wallet called Kraken Wallet was introduced by the well-known cryptocurrency exchange Kraken, which also made the app’s code publicly available when it originally launched.

Users can manage their NFTs, tokens, and DeFi holdings across many cryptocurrencies, including Dogecoin, Ethereum, Solana, Optimism, Base, Arbitrum, and Polygon, according to a Kraken release. Additionally, users can connect to well-known decentralized applications and receive round-the-clock customer service assistance.

The company also claimed that by releasing the Kraken Wallet code on the development site GitHub, third-party review improves the wallet’s security.

Additionally, the wallet only gathers customer data which is absolutely essential to protect user privacy. Kraken hides user IP addresses, email addresses, sign-in credentials, and know-your-customer information.

Kraken claims that the reason Apple iOS CryptoKit does not support the secp256k1 elliptic curve—which is required for creating digital signatures and cryptographic keys on blockchain networks like Bitcoin—is the reason why Kraken Wallet is still in demand. 

The app requires additional software and an internet connection in order to sign transactions. 

This implies that the sandboxed program environment’s memory must contain the exposed private keys, at least during signing. According to the company, this makes them more vulnerable to security breaches than a wallet that signs transactions using a secure element. 

Kraken has offered an open-source mobile cryptocurrency wallet that puts security, transparency, and user control first, even in the face of our inability to execute the signing on the protected elements directly, which would provide enhanced protection.

On March 20, the company also introduced Kraken Custody, an institutional custody platform.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Lalit Mohan

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