To capture a piece of the growing institutional demand for cryptocurrency, Kraken has launched a new division dedicated to providing services to institutions.

This institutional brand will encompass their existing offerings of spot and over-the-counter trading, as well as crypto staking for non-US clients.

The division will be headed by Staked co-founder Tim Ogilvie, who joined Kraken after his firm was acquired in December 2021.

Ogilvie stated that institutional adoption of crypto has been increasing rapidly and cited the recent approval of Bitcoin ETFs as a factor driving this growth.

Since their launch in January, these nine ETFs have received a total inflow of $6 billion, with an average daily inflow of $196 million, and have recently hit a record daily volume of $2.4 billion.

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