Kraken launches crypto app in US as investors opt for digital currency

Kraken launches crypto app in US as investors opt for digital currency

Prominent cryptocurrency exchange Kraken is reportedly introducing its mobile app in the U.S. in light of shifting interest of retail investors towards the digital currencies. This move apparently comes in just two months after the stock market debut of its rival Coinbase.  

Effective from Wednesday (June 4), Kraken’s mobile app is expected to allow the users in the country to securely sell and purchase over 50 crypto tokens using their smart phones.

Speaking of the launch, Chief Product Officer at Kraken, Jeremy Welch stated that this consumer app is the company’s first big foray into facilitating broader consumer adoption in a far more simplified and user-friendly interface. The app was reportedly launched in Europe earlier this year.

Kraken, which is the fourth biggest digital currency exchange in the world in terms of trading volume, claims that its cryptocurrency app offers lowest fees in the industry. The key benefits of the app are its rapid verification and onboarding times, according to the company. Its fastest onboarding and buy test reportedly is less than a minute, subject to the user’s bank.

Reportedly, the app does not allow credit and debit card payments as of now. However, the company is planning to enhance its offerings in coming weeks and months, cited Kraken. 

Founded in 2013, Kraken is known to have gained popularity outside of the U.S. on account of its margin and futures trading products that are not available to the U.S. consumers yet. The company stated that it has 7 million clients and its trading volume in May increased over six-fold from January.

Welch mentioned that the past five months at Kraken have been quite unexpected as the company has seen a significant rise in new customers and all-time highs.

The company mentioned that it does not offer service to consumers across Washington and New York due to the cost incurred in maintaining regulatory compliance. Apparently, its entry into the U.S. market comes during the regulatory uncertainty and amid a volatile cycle in particular.

Source credits: https://www.cnbc.com/2021/06/02/kraken-launched-mobile-app-in-us-for-bitcoin-and-ethereum-purchases.html