TL;DR
- Kraken launches Prime, an institutional brokerage service that integrates trading, custody, and financing in a single platform.
- The solution offers multi-venue liquidity, qualified custody, and direct trading from custody accounts with 24/7 support.
- The company boosts its institutional growth after acquiring NinjaTrader and prepares for an IPO in 2026.
Kraken announced the launch of Prime, a comprehensive prime brokerage service designed specifically for institutional clients operating with cryptocurrencies. This new platform combines trading, custody, and financing functions in one environment, providing access to over 20 international markets and covering more than 90% of crypto market volume.
The offering includes multi-venue liquidity, advanced trading tools, and continuous support, alongside qualified custody through Kraken Financial, a U.S. state-licensed bank. It also allows executing trades directly from custody accounts and provides services such as asset-backed lending and T+1 credit facilities. The exchange developed its own order routing system to connect with both internal and external liquidity sources.
This launch directly addresses the growing institutional demand for services with quality standards matching those of traditional brokers. According to Kraken, these firms require solid infrastructure, institutional-level regulatory compliance, and continuous operational support to handle large-volume trades in volatile markets.
Kraken to Compete with Coinbase and FalconX
Kraken Prime will compete with Coinbase Prime and FalconX, which also offer institutional brokerage services. The company emphasizes that its proposal prioritizes execution quality and operational consistency, key factors in highly volatile markets. Additionally, the exchange highlighted that its infrastructure has proven stable across various market cycles and that this service extends that reliability to an exclusive institutional environment.
Kraken has launched several initiatives in recent months, including the development of Ink, its own Ethereum Layer 2 blockchain, the expansion of regulated derivatives offerings in Europe, and its entry into commission-free stock trading in the U.S. The company also plans to launch tokenized stock trading for companies like Apple and Nvidia outside the U.S.
Preparing for the IPO
In March, Kraken completed the acquisition of NinjaTrader for $1.5 billion, the largest transaction between a crypto company and traditional finance to date. In the first quarter of 2025, the company reported revenues of $472 million, a 19% increase from the previous year, while advancing its plans to go public in 2026.
