The news: Cryptocurrency exchange Kraken announced the public launch of Kraken VIP, a service akin to a private crypto bank for investors with a $10 million average balance or $80 million in annual trading volume. The product targets ultra-high net-worth (UHNW) individuals, defined as consumers with a net worth above $30 million. There were around 208,000 UHNW individuals in the US as of June 2025, per an Altrata study.

UHNW individuals have complex needs and expectations for financial services providers, including individualized financial planning and access to investment products that have not been sold to the general public, alongside bespoke services for transferring family wealth.

Why it’s worth watching: Gen Zers and millennials will comprise nearly 35% of the global UHNW population by 2040, according to Altrata. In the meantime, younger investors are driving significant interest in alternative investments, including private credit and crypto. Alternative assets are traditionally the domain of the ultra-wealthy, and as younger consumers earn or inherit that wealth, their allocations to alternatives should grow.

Kraken VIP is poised to meet this demand by bringing high-end service to a younger audience. That includes the top echelon of crypto multimillionaires, cryptopreneurs with highly successful exits, and ultra-wealthy consumers with deep interest or experience in crypto.

The bigger picture: Crypto is tapping the ultra-luxury market with benefits and exclusivity that have been the domain of private banks and high-end credit cards.

Kraken VIP mirrors Amex Black Card-like "extraordinary experiences," offering access to Formula 1 races, elite football games, private cultural events, and invite-only “intimate meetups.” This new frontier for crypto should incite traditional financial providers to evolve their UHNW offerings to meet rising experiential expectations.