Kraken has launched a mobile wallet combining self-custody, DeFi vaults, tokenized assets, and payments into a single app. Initially released in April 2024, the wallet was transformed in July 2026 through the acquisition of Magic Labs’ embedded wallet technology. As of mid-2026, the Kraken app supports trading of over 2,500 verified Solana tokens through seedless embedded wallets. The Bitcoin Vault has attracted approximately $400 million in deposits since its launch. This strategy positions Kraken as a direct competitor to Coinbase and Binance in the onchain services space.
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