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Kraken unveils its mobile app in the U.S.

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  • Kraken unveils its Kraken App to enable users to use Smartphone to trade in crypto tokens
  • Enable U.S. users to trade in 540 different crypto coins from their mobiles
  • Kraken already launched its services for European consumers

The cryptocurrency saga gets more expansive with more and more players entering the arena. Existing players are widening their scope, and the latest player in this category is Kraken. Kraken, the world’s fourth-largest digital currency exchange, is launching its Kraken App. The app will enable users across the U.S. to buy and sell over 50 different crypto tokens from their smartphones.

Kraken is bringing its mobile app to the U.S.

Two months ago, Kraken’s rival Coinbase made its stock market debut. Today exchange Kraken is bringing its mobile app to the U.S. It comes at a most opportune moment as retail investors invest more and more in the cryptocurrency trade.

The launch of the consumer app is the first significant foray into the cryptocurrency market by Kraken. The app was launched in Europe earlier, and U.S. consumers will also have the same services which their European counterparts are getting from Kraken. It is also the first significant push towards wider and better consumer adoption by providing a simplified, easy-to-use interface. Chief Product Officer Jeremy Welch shared this information with CNBC. The app launched in Europe earlier this year, and now U.S. consumers will also get the same facilities.

The cryptocurrency field is getting increasingly crowded, and today the biggest winner is the consumer. Today the consumer can demand better services like speedy verification and onboarding times as a critical benefit. Kraken is immensely popular with overseas consumers. Kraken offers margin and futures trading offerings that are still beyond the reach of U.S. consumers. Kraken boasts a client base of 7 million clients, and its May trading volume surged by more than six times from the figures of January.  At present, mobile apps do not enable users to make credit and debit card payments, but such perks will be available to enhance its offerings in the coming weeks and months.

All-out assault by the state regulators is an inevitable eventuality

Kraken’s move comes when officials ranging from U.S. Treasury Secretary Janet Yellen to European Central Bank President Christine Lagarde have been crying shrill about the possibilities of cryptocurrency being used as a tool by nefarious elements. The hidden agenda of the regulatory authorities of the present financial system is all too clear for the cryptocurrencies players. The sentiment is also echoed by Kraken CEO Jesse Powell, who said that an all-out assault by the state regulators is an inevitable eventuality. All the major financial players like banks stand to lose from crypto, becoming a big deal.

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