Update April 22 10:40 UTC: This article has been updated to include an official response provided by Kraken to DailyCoin.
- Kraken launched a new multi-token self-custody wallet that does not support ADA.
- Cardano supporters voice frustration over the Kraken snub.
- The snub is the latest demonstration of Cardano’s waning influence.
Amid stagnant price action and falling market cap ranking, concerns about Cardano’s trajectory are mounting among the ADA faithful. Adding fuel to the fire, it recently emerged that Kraken’s newly launched self-custody crypto wallet, named “Kraken Wallet,” does not support ADA, triggering a wave of frustration and confusion within the Cardano community.
Cardano Holders Want Answers
Leading the expressions of frustration and confusion over the wallet snub, X influencer ADA Whale stated, “It remains a mystery to me how a chain like Cardano” continues missing out on basic infrastructure integrations.
The X influencer took Kraken’s snub personally, inferring there must be something happening behind the scenes ADA holders are unaware of, as he wondered, “What’s your problem with us?”
Sponsored
A Kraken spokesperson told DailyCoin that the Kraken Wallet is intended as a single interface to access the whole of the decentralized web, and that the company is currently working on rolling out support for other chains.
"Kraken Wallet is a multi-chain wallet that is designed to enable users to access all areas of the decentralized web from one interface. We plan to add additional support for other chains and ecosystems in due course," stated the Kraken spokesperson.
Rick McCracken, stake pool operator, took a more objective position than ADA Whale, suggesting that the lack of Cardano integration boils down to insufficient outreach, rather than any systematic bias. McCracken stated that “this stuff clearly fell on founding entities to engage these folks to at least get the ball rolling the past couple years.”
With Cardano’s Voltaire self-governance model soon to ship, McCracken believed responsibility for infrastructure integrations would shift to the Cardano community, rather than relying on entities such as the Cardano Foundation or Input Output.
Sponsored
Nonetheless, the snub represents a severe blow to ADA advocates, who assumed Cardano’s size and standing would lead to automatic integrations with infrastructure projects such as Kraken Wallet.
The Kraken Wallet For Simple Integration
The new Kraken Wallet is pitched as a simple and secure self-custody solution to “discover the decentralized world and manage your digital assets with ease.” It aims to empower users by providing an on-chain experience backed by Kraken’s security and customer service. Key features include comprehensive portfolio tracking across tokens, NFTs, and DeFi positions.
Kraken Wallet touts multichain support, allowing seamless interaction with eight major blockchains: Bitcoin, Ethereum, Solana, Optimism, Base, Arbitrum, Polygon, and Dogecoin. It also integrates with WalletConnect for accessing thousands of decentralized apps (dApps).
Privacy is mentioned as a core focus, with the wallet collecting minimal data by proxying user activity through Kraken’s servers to shield IP addresses, while not storing sign-in credentials or KYC information.
On the Flipside
- Cardano advocates blame poor marketing and lack of VC interest for the chain‘s inability to gain wider traction.
- ADA fell to a 19-week low of $0.402 on April 13, following tensions in the Middle East flaring.
Why This Matters
Kraken’s apparent snub of Cardano is a symbolic blow to the project’s ambitions. Whether intended or not, Kraken’s decision cranks up the pressure on Cardano to make inroads with major infrastructure players.
Learn about Cardano’s slide down the crypto market cap rankings here:
Cardano Supporters Rue TON’s Meteoric Market Cap Climb
Find out more about Tether’s plans to become a global tech giant here:
What’s Behind Tether’s Expansive Vision Beyond Stablecoins?
