Kraken Wallet Announces Upcoming Addition of Co-Signature Multi-Signature Feature

Kraken has announced that it will add a co-signature multi-signature feature to its self-custody wallet, Kraken Wallet. Users will be able to split their private keys into several pieces, with Kraken holding one piece to participate in the signing process after a two-factor authentication of the account. Subugatai, the head of Kraken's on-chain products, revealed this plan through the 'Kraken Wallet Manifesto.' The Kraken Wallet for iOS is available for download, while the Android version is set to be released next week. The fee for Kraken Wallet is set at 0.1%. Multi-signature requires multiple signatures for transaction approval, effectively reducing the risk of private key exposure. The key point of this announcement is that the exchange does not hold all of the user's keys but instead takes care of some signature pieces and participates as a co-signer through account authentication procedures. Kraken Wallet supports various account types, including EOA, EIP-7702 smart accounts, and embedded wallets, and can connect to existing hardware signers or multi-signature wallets. Kraken plans to support xStocks trading, stablecoin and fiat currency conversion, non-custodial debit cards, and on-chain K-Assets in the future. However, the exact release date for the co-signature multi-signature feature, supported networks, and available regions have not yet been disclosed.