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Kraken Announces Selection by U.S. Commerce Department to Publish Economic Data on Blockchain

Thursday, 28/08/2025 | 18:58 GMT by Jared Kirui
  • The initiative was announced by President Donald Trump and Commerce Secretary Howard Lutnick.
  • GDP data will be recorded on nine major blockchains, including Bitcoin, Ethereum, Solana, Avalanche, Stellar, Polygon, and Tron.
Kraken (shutterstock)

The U.S. Department of Commerce has turned to cryptocurrency exchange Kraken to support a new initiative that will put gross domestic product (GDP) data directly onto public blockchains. Announced by President Donald Trump and Commerce Secretary Howard Lutnick, the plan marks the first time a G7 country will use blockchain to distribute official economic statistics.

Blockchain Meets GDP Data

Under the project, GDP information will reportedly be recorded on nine major blockchains, including Bitcoin, Ethereum, Solana, Avalanche, Stellar, Polygon, and Tron. The approach is designed to make the data verifiable, tamper-resistant, and globally accessible.

Kraken announced that it has onboarded the Department of Commerce as a client and helped it procure cryptocurrencies to cover transaction costs required for placing cryptographic proofs of the GDP data on-chain.

“This is a landmark moment for both our industry and our country,” said Kraken co-CEO Arjun Sethi. He said the project demonstrates how transparency, trust, and innovation can be combined to improve the release of official data.

Jonathan Jacyhm, Kraken’s Global Head of Policy and Government Relations, called the initiative “a powerful example of how government and industry can work together to advance innovation across the global economy.” He added that blockchain is now part of the current financial infrastructure rather than just a future concept.

A Broader Policy Direction

The initiative reflects the Trump administration’s broader strategy of integrating blockchain into core government functions. By anchoring GDP data to decentralized networks, the Commerce Department is setting a precedent for how economic statistics can be secured and distributed.

For Kraken, the collaboration highlights its expanding role in government-related projects. The company said it will continue to provide services to support the Department of Commerce in this and potential future initiatives.

The U.S. Department of Commerce has turned to cryptocurrency exchange Kraken to support a new initiative that will put gross domestic product (GDP) data directly onto public blockchains. Announced by President Donald Trump and Commerce Secretary Howard Lutnick, the plan marks the first time a G7 country will use blockchain to distribute official economic statistics.

Blockchain Meets GDP Data

Under the project, GDP information will reportedly be recorded on nine major blockchains, including Bitcoin, Ethereum, Solana, Avalanche, Stellar, Polygon, and Tron. The approach is designed to make the data verifiable, tamper-resistant, and globally accessible.

Kraken announced that it has onboarded the Department of Commerce as a client and helped it procure cryptocurrencies to cover transaction costs required for placing cryptographic proofs of the GDP data on-chain.

“This is a landmark moment for both our industry and our country,” said Kraken co-CEO Arjun Sethi. He said the project demonstrates how transparency, trust, and innovation can be combined to improve the release of official data.

Jonathan Jacyhm, Kraken’s Global Head of Policy and Government Relations, called the initiative “a powerful example of how government and industry can work together to advance innovation across the global economy.” He added that blockchain is now part of the current financial infrastructure rather than just a future concept.

A Broader Policy Direction

The initiative reflects the Trump administration’s broader strategy of integrating blockchain into core government functions. By anchoring GDP data to decentralized networks, the Commerce Department is setting a precedent for how economic statistics can be secured and distributed.

For Kraken, the collaboration highlights its expanding role in government-related projects. The company said it will continue to provide services to support the Department of Commerce in this and potential future initiatives.

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Kraken
About the Author: Jared Kirui
Jared Kirui
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About the Author: Jared Kirui
Jared Kirui is an Editor at Finance Magnates with more than five years of experience in financial journalism. He covers online trading, fintech, payments, and crypto industries with a focus on companies, regulation and compliance, executive moves, trading technology, and market analysis. His work has been featured in other media outlets, including Benzinga, ZyCrypto, The Distributed, and The Daily Hodl. Education: Bachelor of Commerce degree (Finance option), University of Nairobi
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