CryptoReview
Submit listing

Coinbase Prime vs Kraken Custody

How Coinbase Prime vs Kraken Custody compare on our ratings, custodian specs, funding, pros and cons.

Coinbase Prime4.1/5
VS
Kraken Custody4.0/5
Feature
Coinbase PrimeVisit
Kraken CustodyVisit
Ratings
Our score4.1/54.0/5
User ratingNo reviews yetNo reviews yet
Security4.03.5
Compliance4.04.0
Asset support4.04.5
Features4.54.5
Support4.04.0
Specs
Custody modelNot disclosedQualified custodian, MPC, HSM
ClientsNot disclosedInstitutions, Corporates, High-net-worth
Regulated Yes Yes
SOC 2 report Yes Yes
InsuranceUp to $320M commercial crime policy (insurer syndicate), shared by all Coinbase customersNot disclosed
Assets supportedNot disclosed200
Staking Yes Yes
API access Yes Yes
Licenses & chartersNYDFS limited purpose trust charter (US), NYDFS BitLicense (US), CSSF MiCA CASP authorization (Luxembourg)Wyoming Division of Banking SPDI bank charter (US), Central Bank of Ireland MiCA CASP authorization (Ireland)
MPCNot disclosed Yes
Cold storage Yes Yes
Qualified custodian Yes Yes
Company
Founded20122011
HeadquartersUnited StatesUS
InvestorsNot disclosedNot disclosed
Strengths and weaknesses
Pros
  • Custody at a NYDFS-chartered trust company that acts as a fiduciary under New York Banking Law
  • SOC 1 Type 2 and SOC 2 Type 2 reports cover private key management controls
  • Coinbase generally keeps no more than 2% of custodied assets in hot wallets
  • REST, FIX and WebSocket APIs with TWAP and VWAP order types
  • Kraken Financial holds a Wyoming SPDI charter, and Kraken says it meets the SEC Custody Rule's qualified custodian definition
  • Federal Reserve master account since March 4, 2026, with direct Fedwire access
  • Central Bank of Ireland MiCA authorization covers custody for EEA clients
  • More than 200 custody assets, including tokenized stocks, ETFs and Centrifuge's JAAA
Cons
  • The $320 million crime policy is shared by every Coinbase customer
  • $50 million NYDFS penalty in 2023 over anti-money laundering and KYC failures
  • The May 2025 data theft incident led to $311.2 million in cash payments
  • The OCC charter for Coinbase National Trust Company was a conditional approval in April 2026
  • Custody launched in March 2024, so the operating record is short
  • US custody is limited to certain states, and vaults are reached only through the web
  • Parent Payward paid $30 million in 2023 to settle SEC charges over a staking-as-a-service program
  • The OCC national trust charter for Payward National Trust Company is still an application
Best forHedge funds that want custody and execution in one account, ETF sponsors and asset managers that need a New York trust company as custodian, Trading desks that route orders over FIXTrading firms that want custody assets to back Kraken Prime credit, Stablecoin issuers and treasury companies that need segregated, bankruptcy-remote reserves, EEA firms that need MiCA-authorized custody from an Irish entity

Highlighted cells show the stronger value in each row. Data comes from each provider's site and public sources; check details before you sign up.