Crypto exchange Kraken has rolled out a new prime brokerage platform, targeting institutional clients with a full suite of services including trading, custody, and financing—all on a single interface.
Dubbed Kraken Prime, the offering is set to compete with Coinbase Prime and FalconX by providing access to deep liquidity, 24/7 support, and direct trade execution from qualified custody accounts held by Kraken Financial, a U.S.-chartered bank.
The platform connects to more than 20 global venues and covers over 90% of the digital asset market, the company said in a statement. It also supports asset-backed lending, T+1 credit facilities, and an in-house smart order routing system for on- and off-platform liquidity.
“Kraken Prime is built to deliver the execution quality institutions are used to in traditional finance,” said David Ripley, co-CEO of Kraken. “We’re not first to market, but we’ve built this to set a higher standard.”
Prime brokerage, a cornerstone service in equities and FX, is quickly gaining traction in crypto as more hedge funds, asset managers, and corporates expand into digital assets. Kraken is looking to introduce itself as a top-tier counterparty by combining trading tools with compliance-ready infrastructure.
The launch comes amid a broader expansion push for the firm. Kraken recently announced plans to launch tokenized equity trading outside the U.S. for stocks like Apple and Nvidia, and completed a $1.5 billion acquisition of NinjaTrader in March, one of the largest crypto-to-TradFi deals to date.
The move allows Kraken to compete not just with crypto-native players like Coinbase, but also with retail brokerages such as Robinhood, which already offer both crypto and equities under one roof. The no-fee app is reportedly in discussions with crypto firms Arbitrum and the Solana Foundation, both of which are vying to support the project.
Ripley said Kraken is developing modular infrastructure — described as a “set of microservices” — to support a wider product suite as it gears up for broader expansion.
Rivals are also moving in. Robinhood recently disclosed plans to build a blockchain platform for tokenized stocks, with an eye on giving European investors easier access to U.S. equities.
Kraken reported $472 million in revenue for Q1 2025, up 19% from the previous year, and is said to be eyeing a potential IPO in early 2026.
Fresh rankings from analytics firm Kaiko now place Kraken second globally for exchange quality, ahead of Binance and just behind Coinbase.
