Kraken Institutional signs MOU with VerifiedX on vBTC custody support

Kraken Institutional, the institutional-investor arm of U.S. crypto exchange Kraken, has signed a memorandum of understanding with Bitcoin infrastructure project VerifiedX to support qualified custody for vBTC, Wu Blockchain reported on July 30. The two sides plan to create an environment that allows institutional investors to hold and use programmable Bitcoin, or vBTC, in a regulatory-compliant manner. According to VerifiedX, vBTC is fully backed by Bitcoin and can be redeemed for BTC at any time through the protocol.