Kraken Wallet is a self-custody mobile cryptocurrency wallet developed by the established Kraken exchange. Launched in 2024, it gives users full control over their private keys and supports multiple major blockchains. This review covers its core features, security, limitations, and how it compares to other wallet options in 2025.
What Is Kraken Wallet?
Kraken Wallet is a non-custodial, open-source cryptocurrency wallet created by Kraken, a U.S.-based crypto exchange founded in 2011. Unlike Kraken’s custodial exchange wallets, this product lets you hold your own private keys, meaning you have complete ownership and responsibility for your digital assets.
The wallet is currently available only as a mobile app for iOS and Android devices. It supports 12 major blockchains, including Bitcoin, Ethereum, Solana, and several Ethereum Virtual Machine (EVM) compatible Layer 2 networks like Arbitrum and Optimism.
Key Features at a Glance
- Self-Custody: Users control their private keys and recovery phrases.
- Multi-Chain Support: Works with Bitcoin, Ethereum, Solana, Dogecoin, Polygon, and select L2 networks.
- NFT Management: View and organize NFTs on supported chains.
- DeFi Integration: Connect to decentralized apps via WalletConnect.
- Open-Source Code: Publicly auditable for transparency and security.
- Privacy-Focused: No IP tracking, minimal data collection, and no KYC required for wallet use.
Core Features Explained
Self-Custody and Security
With Kraken Wallet, you manage your own private keys using a 12- or 24-word Secret Recovery Phrase (SRP). The app includes security features like biometric authentication (fingerprint or Face ID), PIN protection, and end-to-end encryption.
Since the wallet is open-source, developers and users can review its code for security assurance. However, self-custody also means you are solely responsible for safeguarding your SRP—losing it could result in permanent loss of funds.
Supported Blockchains and Assets
Kraken Wallet supports a curated set of blockchains:
- Bitcoin (BTC)
- Ethereum (ETH)
- Solana (SOL)
- Dogecoin (DOGE)
- Polygon (MATIC)
- Arbitrum
- Base
- Optimism
- Avalanche
- Linea
- Blast
- Ink
You can store all native coins, ERC-20 tokens on EVM chains, and SPL tokens on Solana. However, it does not support less common networks, Bitcoin NFTs (Ordinals/BRC-20s), or assets on unsupported chains.
NFT and DeFi Capabilities
The wallet includes an integrated NFT gallery for viewing and managing non-fungible tokens on Ethereum, Polygon, Solana, and supported Layer 2s. For DeFi users, WalletConnect support allows interactions with decentralized applications, letting you trade, lend, or provide liquidity directly from the app.
User Experience and Design
Kraken Wallet offers a clean, intuitive interface suitable for both beginners and experienced users. You can create or import multiple wallets, view portfolio balances, and send/receive crypto easily. The design emphasizes simplicity, though some advanced features like built-in staking or cross-chain swaps are absent.
Integration with Kraken Exchange
Optional integration with Kraken Exchange is available via Kraken Connect. This allows seamless fund transfers between your self-custody wallet and Kraken’s custodial exchange account. Note that using Kraken Exchange requires identity verification (KYC), but the wallet itself does not.
Limitations and Drawbacks
Kraken Wallet has several notable limitations:
- Limited Blockchain Support: Only 12 networks are supported, excluding popular chains like BNB Smart Chain, Cardano, or Tron.
- Mobile-Only: No desktop or browser extension version is available.
- No Cross-Chain Swaps: Cannot natively swap assets between different blockchains.
- No Built-In Staking: Does not offer direct staking or earning features.
- No Fiat On-Ramp: Cannot purchase crypto directly within the wallet; must use Kraken Exchange or another service.
- Balance Inconsistencies: Some users report occasional inaccuracies in DeFi or token balance displays.
Fee Structure
Kraken Wallet itself charges no fees for creation or maintenance. However, you will incur:
- Network Fees: Paid to blockchain validators for transactions, swaps, or NFT transfers. These vary by network congestion.
- Exchange Fees: If you transfer funds to Kraken Exchange, standard withdrawal fees apply.
- Swap/Bridge Fees: Using in-wallet swap features may include third-party bridge or liquidity provider costs.
All fees are disclosed before transaction confirmation.
Security and Privacy
Kraken Wallet employs strong encryption, biometric security, and open-source code auditing. It does not collect unnecessary user data or IP addresses, enhancing privacy.
However, it lacks two-factor authentication (2FA) and multi-party computation (MPC) technology offered by some competitors. Since it’s self-custody, you are entirely responsible for securing your recovery phrase.
Kraken Wallet vs. Alternative Wallets
When compared to wallets with broader functionality, Kraken Wallet falls short in several areas:
- Blockchain Support: Many competing wallets support 60+ blockchains versus Kraken’s 12.
- Features: Missing cross-chain swaps, staking, fiat onboarding, and desktop access.
- Recovery Options: No social recovery or key sharding; reliant solely on SRP.
For users seeking wider ecosystem access and advanced features, alternatives may be preferable. 👉 Explore advanced multi-chain wallet options
How to Set Up Kraken Wallet
- Download the App: Get Kraken Wallet from iOS App Store or Google Play Store.
- Create New Wallet: Tap “Create Wallet” and securely record your 12-word recovery phrase.
- Verify Recovery Phrase: Confirm your phrase by selecting words in the correct order.
- Enable Security: Set up biometric authentication or a PIN.
- Start Using: Fund your wallet by receiving crypto or transferring assets from Kraken Exchange.
Frequently Asked Questions
Is Kraken Wallet safe to use?
Yes, it uses open-source code, biometric security, and encryption. However, since it’s self-custody, you must protect your recovery phrase to prevent fund loss.
Can I use Kraken Wallet without KYC?
Yes, the wallet itself requires no identity verification. KYC is only needed if you link to Kraken Exchange for trading or fiat services.
What happens if I lose my phone?
You can recover your wallet on a new device using your Secret Recovery Phrase. Without the phrase, your funds cannot be recovered.
Does Kraken Wallet support staking?
No, it does not offer built-in staking. You must use integrated DeFi apps or transfer assets to a supporting platform.
Can I view NFTs in Kraken Wallet?
Yes, it supports NFT viewing and management on Ethereum, Solana, Polygon, and several Layer 2 networks.
Is there a desktop version?
No, Kraken Wallet is currently available only as a mobile app for iOS and Android.
Conclusion
Kraken Wallet is a straightforward, secure option for users seeking a simple self-custody mobile wallet backed by a reputable exchange. It supports major cryptocurrencies and NFTs, emphasizes privacy, and integrates optionally with Kraken Exchange.
However, its limited blockchain support, lack of advanced features like cross-chain swaps or staking, and mobile-only availability may deter power users. Those requiring broader ecosystem access or desktop functionality should consider alternatives with more comprehensive offerings.