Kraken Wallet: What ETH Traders Need to Know

PrivateKeyParanoia · 2025-11-22T07:55:02+00:00

Kraken's mobile wallet, launched in spring 2024, offers users a secure platform with locally stored private keys and encryption. While it excels in privacy and simplicity, its limited blockchain support and lack of desktop version may deter some users seeking broader functionality.

PrivateKeyParanoia

2025-11-22 07:55:02

Abstract generation in progress

How does it work?

In addition to being an exchange, Kraken has its own self-custody mobile wallet. Launched in spring 2024, it supports 12 blockchains: Ethereum, Bitcoin, Solana, Polygon, Dogecoin, as well as L2 networks like Arbitrum, Base, Optimism.

The main feature — private keys are stored locally on your device, not on servers. You have full control over your funds.

Security and privacy

End-to-end encryption — your data is protected from unauthorized access
Biometrics — unlock via fingerprint or face recognition
12 or 24 words — seed phrase for backup
Does not track IP — unlike many competitors

Real advantages

✓ Simple interface for beginners ✓ WalletConnect — you can jump into DeFi apps ✓ Kraken Connect — sync with the exchange (if you have an account there) ✓ Free wallet

Where it’s weak

✗ Mobile version only (iOS/Android) — no desktop ✗ 12 blockchains — that’s not much (competitors support 50+) ✗ No cross-chain swaps, staking, or card purchases ✗ Bitcoin NFTs (Ordinals, BRC-20) not supported ✗ Staking unavailable for US users due to SEC

Comparison

Compared to MetaMask, Trezor — Kraken wins in privacy but loses in functionality. If you want everything at once, better check out Best Wallet (60+ blockchains).

Conclusion

For ETH users who value privacy and want a simple solution on their smartphone — a good choice. But if you need staking, cross-chain operations, or support for exotic blockchains — look for another option.

ETH-0,68%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.