Kraken

Kraken is a US-headquartered centralized cryptocurrency exchange and financial services platform that operates across 190+ countries. Founded in 2011 and publicly launched in September 2013, it is one of the longest-running crypto exchanges in operation, currently serving approximately 15 million users with $42.8 billion in client assets under custody. On the Solana ecosystem, Kraken offers SOL staking, spot and derivatives trading, on-chain DEX access, institutional SPL token custody, and a self-custody wallet with full SPL and NFT support.

Background and History

Kraken was founded in San Francisco in July 2011 by Jesse Powell, Thanh Luu, and Michael Gronager. Powell's inspiration came from observing Mt. Gox's security failures in 2011, where he had volunteered to help the ailing exchange recover from a hack. Determined to build a professionally run alternative with security as its foundation, he launched Kraken two years later.

The exchange went live to the public in September 2013, initially offering bitcoin and litecoin paired with euro. In 2015, it became the first exchange to list Ethereum's ether, and it was also selected by a Japanese court to assist with Mt. Gox's creditor liquidation process. Through 2016-2017 it acquired several regional exchanges and platforms, including Cryptowatch, expanding its global reach.

In 2020, Kraken's Wyoming subsidiary obtained the first-ever US cryptocurrency bank charter. In April 2023, Dave Ripley replaced Jesse Powell as CEO, with Powell becoming chairman; Arjun Sethi was added as co-CEO in October 2024. Kraken filed for a public IPO expected in early 2026.

Regulatory Context

In February 2023, the US Securities and Exchange Commission charged Kraken with offering an unregistered staking-as-a-service product. Kraken settled for $30 million without admitting wrongdoing and suspended staking for US customers. Following a broader shift in regulatory posture, the SEC withdrew its separate lawsuit alleging Kraken operated as an unregistered securities exchange in March 2025. Kraken subsequently relaunched US staking services in early 2025, supporting 17 assets including SOL across 37-39 US states.

Core Platform

Kraken's trading platform supports 600+ cryptocurrency pairs and 11,000+ tokenized stocks and ETFs. It offers spot trading for retail and institutional users, Kraken Pro for active traders with margin up to 10x leverage and perpetual futures, an OTC desk for large block trades, auto-invest DCA plans, the Krak card for spending crypto at 80+ million merchants, and Kraken Funded which provides access to trading capital with 80% profit-sharing for eligible traders.

Solana (SOL) Staking

Kraken offers two staking structures for SOL. Flexible staking lets users stake and unstake at any time without penalties; Kraken stakes up to 50% of a user's eligible balance on-chain and currently advertises a 2.54% APY, retaining a 30% commission on gross rewards. Bonded staking locks SOL for a three-day unbonding period and currently advertises 5.14% APY, with Kraken's commission tiered between 5% and 25% based on account balance.

Rewards for both structures are distributed weekly and auto-credited to the account. Kraken handles all validator selection and delegation on behalf of stakers. Risks disclosed include slashing from validator misbehavior, market volatility during lockup, and platform security exposure.

Solana DEX Integration

In June 2026, Kraken launched on-chain DEX trading functionality within its main mobile app, with Solana as the first supported network. The integration is powered by Privy's embedded wallet infrastructure and leading Solana DEX protocols. Users can purchase any of the thousands of SPL tokens available on Solana DEXes using USD or USDC held on Kraken, without needing to manage gas fees, bridges, or external wallets.

Kraken describes this approach as a "DeFi mullet" strategy: a centralized, familiar front end layered over decentralized on-chain execution. Expansion to additional blockchain ecosystems is planned.

Institutional Solana Services

Kraken Custody expanded its Solana Program Library (SPL) token support in May 2026, adding 18 tokens including RENDER, JITOSOL, PUMP, PENGU, BONK, and VIRTUAL spanning liquid staking, DeFi, and infrastructure categories. Institutional users can stake, trade, and execute strategies directly from qualified custody without coordinating multiple vendors.

Kraken's broader institutional offering, branded Kraken 360, bundles custody, compliance, token operations, and treasury management for Solana protocol teams and ecosystem funds. It includes role-based approvals, vault-level permissions, and integration with Kraken Prime for liquidity and financing.

Kraken Wallet, the exchange's self-custody product, supports all SPL tokens on Solana and Solana NFTs, and is open-source on GitHub at krakenfx/wallet.

Network Support

Beyond staking and trading, Kraken enables USDT deposits and withdrawals via the Solana network, providing a low-fee on/off ramp for SPL-based stablecoins. The platform also lists a curated set of Solana ecosystem tokens by market category.

Scale and Position

As of 2025, Kraken is ranked the world's 14th largest crypto exchange by trading volume. Its 15-year operating history, Wyoming bank charter, and regulated institutional custody operation place it among the handful of exchanges with deep compliance infrastructure. Its Solana-specific product surface covering staking, DEX access, SPL custody, and wallet makes it one of the more comprehensive centralized gateways to the Solana network.