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- According to Kraken, the decrease is anticipated to improve price stability between Kraken and Decentralized Finance (Defi) protocols and apps
- Clients may have the lowest possible friction on their crypto journey by eliminating deposit fees, according to Jeremy Welch, chief product officer at Kraken
- Kraken stated that it is planning for its long-term goal of providing Defi goods and services
Kraken is an online cryptocurrency exchange that provides people and organizations in over 200 countries with a variety of investment choices. Bitcoin, Ethereum, Litecoin, and Ripple are among the almost 60 cryptocurrencies supported by the investing software.
Kraken, on the other hand, offers a number of extra services to institutions, corporations, and wealthy individuals. Account management, one-on-one consultations, OTC trading, and professional market insights are some of the services available.
Kraken’s latest announcement
Kraken, a cryptocurrency exchange based in the United States, stated on Tuesday that the costs for over 70 cryptocurrencies have been slashed to zero. The news comes only weeks after the cryptocurrency company released its official mobile app for Android and iOS devices, which is aimed at the general public.
Kraken confirmed in a blog post on its website that there may still be an initial address creation cost that can be deposited into the user’s account. Kraken remains laser-focused on providing the greatest exchange solution to its customers. Clients may have the lowest possible friction on their crypto journey by eliminating deposit fees, according to Jeremy Welch, Chief Product Officer of Kraken.
Furthermore, the company declared that the debut of the Kraken mobile app in the United States was a success. The software, which is a companion to its complex Kraken Pro app, is aimed at both new and experienced cryptocurrency traders and allows them to purchase Bitcoin and over 50 other digital assets on the exchange. Bank account deposits can be linked using the app to acquire cryptos for customers in the United States.
Kraken has a big customer base
Outside of the United States, Kraken is well-known for its margin and futures trading services, which are not yet available to US customers. Kraken, which was founded in 2013, claims to have 7 million customers. Its trade volume increased more than sixfold from January to May. Welch described the last five months at Kraken as out of this world. We’ve noticed an increase in new clients as well as all-time highs. The app currently does not accept credit or debit card payments, but the company says it plans to expand its capabilities in the next weeks and months.
The expansion into the US market comes at a time of regulatory uncertainty and a particularly tumultuous cycle. While the value of bitcoin has quadrupled in the last year, the price has declined by more than 40% from its peak in April.
Kraken’s new ventures along with Defi
Over the last decade, the cryptocurrency business has developed beyond anyone’s wildest dreams. At the time of writing, an estimated 100 million people worldwide had purchased or held a digital asset. The crypto-owning community would be one of the world’s most populous countries if it were a country.
The crypto exchange claims that by lowering costs to zero, it has aligned itself with its ideology of delivering the life-changing potential of cryptocurrencies. During an interview with Bloomberg, Kraken’s Co-Founder and CEO, Jesse Powell, discussed the exchange’s long-term intentions for decentralized finance (Defi) goods and services offerings: We want to integrate decentralized finance further and provide customers with more direct access to it.
Finance Magnates revealed in early June that Kraken will no longer offer margin trading to US-based customers who did not match certain criteria. Non-US clients in the Starter tier must upgrade to the Intermediate tier to maintain the margin trading function active in their account, according to the crypto exchange.
Kraken’s message to its customers
Kraken stated on its website that, while the company takes great care to protect its clients’ money from loss, exchanges do not qualify for deposit insurance schemes and should not be used as cryptocurrency wallets. Kraken is a money services business registered with the US Treasury Department’s FinCEN, and it claims to comply with all legal and regulatory requirements in all jurisdictions where it operates.
Prior to the May crypto market sell-off, Powell stated that the business was exploring going public in 2022 through a direct listing, similar to the path pursued by Coinbase.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
