Kraken Wallet: Features, Safety and Web3 Compatibility

In 2011, Kraken emerged as one of the first digital asset exchanges to offer services such as spot trading with margins, index services, and regulated derivatives. It’s a reliable platform used by more than 9 million traders, investors, and institutions worldwide. Kraken Wallet is Kraken’s entry into self‑custody wallets. 

Kraken Wallet was launched in early 2024 to complement their exchange services. It aims to balance security, convenience, and Web3 compatibility. This article explains what it is, how safe it is, whether Kraken offers a wallet, a detailed review, how to transfer crypto, and how to connect to Web3 domains using WalletConnect.

What Is Kraken Wallet?

Kraken Wallet is a non‑custodial, multi‑chain wallet launched in March 2024. Unlike the standard Kraken exchange wallet (which holds users’ private keys), Kraken Wallet gives you full control over your private keys and secret recovery phrase.

The Kraken Wallet supports major chains such as Bitcoin (BTC), Solana (SOL), Ethereum (ETH), Dodge Chain (DODGE), and other EVM‑compatible networks. Using your Kraken wallet, you can store your NFTs on Ethereum and Solana.

Kraken Wallet is a non‑custodial, multi‑chain wallet launched in March 2024. Unlike the standard Kraken exchange wallet (which holds users’ private keys), Kraken Wallet gives you full control over your private keys and secret recovery phrase.
The Kraken Wallet supports major chains such as Bitcoin (BTC), Solana (SOL), Ethereum (ETH), Dodge Chain (DODGE), and other EVM‑compatible networks. Using your Kraken wallet, you can store your NFTs on Ethereum and Solana.

Moreover, the digital wallet provides portfolio tracking across crypto assets, DeFi positions, and NFTs. It offers integration with WalletConnect, allowing you to access thousands of decentralized apps (dApps) on a compatible chain.

Does Kraken Have a Wallet?

Most people believe Kraken is a crypto exchange, not more than that. But actually, the site offers a viable crypto storage option. So, if you asked, does Kraken have a wallet? A simple answer is “Yes, it does”.

Kraken offers both custodial and non-custodial wallets: The exchange wallet and the wallet app.

a) Kraken Exchange Wallet

This is a custodial wallet that holds your private keys with Kraken. This wallet is primarily used for trading, crypto deposits, withdrawals, and staking within the platform.

b) Kraken Wallet App

This is a non‑custodial Web3 wallet, offering a higher level of privacy:

• It lets you control your private keys and recovery phrase.
• It allows you to interact with dApps  
• The wallet app also manages your assets outside the exchange

A built-in feature, Kraken Connect, enables seamless transfers between the two wallets, eliminating the need for manual addresses.

Is Kraken Wallet Safe?

Kraken is universally praised for its security:

Despite strong security, Kraken’s custodial wallet means you don’t control private keys, liquidity and ease of use come at a slight compromise.

Kraken Wallet Review Summary: Pros & Cons

A balanced overview of Kraken Wallet's strengths and downsides:

Pros

• The wallet has a strong brand and security pedigree.
• It offers 24/7 monitoring and observation to protect user assets.
• The non‑custodial version offers users control over their assets.
• It offers multi‑chain and NFT support.
• You get an easy Web3 dApp integration via WalletConnect.
• Seamless transfers are possible with Kraken exchange via Kraken Connect.
  
  
  

Cons

• Still a new product compared to established wallets.
• No hardware wallet integration yet
• The wallet’s limited functionality.
• Lacks built-in DeFi features like staking or lending within the wallet app.

How to Send Crypto from Kraken
to Another Wallet

Before moving forward, keep in mind that Kraken Wallet supports ERC-20 tokens (built on Ethereum). It specifically mentioned that it doesn’t support BEP-20 tokens and takes no responsibility for the loss of these tokens.   

Here’s a quick step-by-step guide for the custodial exchange wallet:

1. Log in to Kraken and go to Funding → Withdraw.
2. Select the cryptocurrency.
3. Enter the destination address and network.
4. Confirm with 2FA.
5. Monitor status for confirmation.

Tips for Safe Transactions Using Kraken Wallet

• Always double-check the address.
• Start with a test transaction.
• Be aware of blockchain network/gas fees
  
  
  

Is It Possible to Connect a Kraken Wallet
with a Web3 Domain?

Kraken Wallet utilizes WalletConnect to connect to dApps, facilitating interaction with Web3 domains. However, it doesn’t natively resolve domain names like myname.eth or .crypto. Instead, you can connect it via dApps that support those domains (Freename Domains, ENS, Unstoppable Domains).

Connection Steps

• Step 1: Open the dApp and choose “Connect via WalletConnect.”
• Step 2: Scan QR with Kraken Wallet and approve connection.
• Step 3: In the dApp interface, enter your Web3 domain to resolve.
• Step 4: Check whether the dApp interacts using your wallet's public address for that domain.
• Step 5: Transfer funds to a wallet with native domain resolution (e.g., MetaMask), 

Now, you can use it for domain-specific tasks:

Kraken Wallet vs Other Self‑Custody Wallets

Kraken Wallet & Web3 Adoption

The Kraken wallet  is compatible with reputable networks and offers highly secure on-chain interactions. Along with the native blockchain-based security, the digital wallet also offers two-factor authentication, biometric, and AI-powered security.

Kraken’s survey shows:

• 95% of users use at least one security feature like two-factor authentication (2FA).
• 31% believe in biometrics and AI security as the future.

This aligns with Kraken’s strategy of delivering advanced security and user autonomy while enhancing DeFi/Web3 integration through WalletConnect. It’s a clear blend of traditional safety and modern Web3 utility.

Conclusion

Kraken Wallet offers rock-solid security, and its non-custodial version allows users to secure their private keys and recovery phrase. The digital wallet can be integrated with EVM networks and popular chains, and allows users to access Web3 applications and domains using WalletConnect. 

If you’re a Kraken user who wants better self‑custody with easy access to Web3, Kraken Wallet is a solid option. For deeper Web3 use cases or full domain functionality, pair it with a native-domain-support e-wallet like MetaMask.

You can also use your Kraken Wallet for integrating Freename Domains. These domains are compatible with Multichians such as Solana, Ethereum, Base, and other platforms, offering multi-chain accessibility and top-tier security to protect your digital assets.