Kraken 360, the institutional services division of Kraken, has released the first part of a three-part playbook advising crypto protocol teams on how to prepare for a public token generation event (TGE), the point at which new tokens are created and distributed.
The guidance argues that operational decisions made well before a TGE, particularly around custody, governance and token distribution, have an outsized effect on how a protocol performs once its tokens enter live markets.
Custody is identified as a common source of delay, with the document urging teams to begin integrations early, given that timelines can range from weeks to months depending on the provider and compliance requirements.
The playbook sets out four dimensions of operational decentralisation covering development, governance, value accrual and access, and lists readiness expectations across staking, distribution and investor processes.
Practical checkpoints include enforceable vesting schedules, address verification, staking delegation support, and running audit and compliance processes in parallel rather than sequentially.
Part one covers foundational design; Kraken 360 said subsequent instalments will address execution and expansion, without specifying release dates.
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The document references a February 2025 statement by Hester Peirce, a commissioner at the US Securities and Exchange Commission, on token classification considerations.
Kraken noted that custody services are provided by Payward Financial or Payward Europe Solutions, depending on jurisdiction, and that Payward Financial is not an FDIC-insured bank.
The recap
- Kraken 360 publishes part one of pre‑TGE playbook.
- Custody services provided by Payward Financial or Payward Europe.
- Parts 2 and 3 will cover execution and expansion.
