Kraken’s Canadian operations have achieved a significant milestone, surpassing CAD $2 billion in client assets and cash under custody.
Kraken is a United States–based cryptocurrency exchange, founded in 2011.
This achievement cements Kraken’s status as one of the country’s largest cryptocurrency trading platforms, both in terms of workforce size and the volume of client assets managed.
While Kraken’s $2 billion milestone is significant, comprehensive data on the total assets under custody by all exchanges operating in Canada is limited.
“Reaching the $2 billion milestone is testament to our ongoing effort to provide Canadians with a superior crypto trading experience,” said Alex Mehrdad, Kraken Canada’s General Manager.
“As we’ve doubled in size within Canada, we’ve also steadily invested in our product offering to ensure Canadians can explore the breadth of the crypto ecosystem through our range of innovative products.”
Throughout 2024, Kraken focused on narrowing the knowledge gap surrounding cryptocurrency, which has historically slowed adoption in Canada.
A 2023 report by the Ontario Securities Commission revealed that only 54% of Canadians could provide a basic definition of crypto—an improvement from 2022’s 51%, but still a significant hurdle for widespread understanding.
Mehrdad emphasized the company’s commitment to fostering adoption. “While we’re pleased with this progress, we’re aware that our mission is not complete and that most people have still not made their first crypto transaction. We’re committed to reducing barriers that are holding some Canadians back from entering the asset class and to ensure that everyone can achieve their own version of financial freedom through crypto assets.”
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