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The Kraken mobile app launch is expected to push crypto towards further consumer adoption.
Kraken has unveiled a mobile app that enables US users to securely trade 50+ tokens from their mobile phones. The digital asset exchange plans to capitalize on this project with the continued increase in retail crypto investors.
Kraken plans to beat crypto mobile app competition with what they claim is ‘the lowest fee in the industry. Other advantages as pointed out by the company are prompt verifications and fast onboarding and purchase test times with the fastest being under a minute, based on the user’s bank.
Kraken App Peculiarities
The mobile app’s launch on Wednesday will push towards further consumer adoption, according to Jeremey Welch, Kraken’s Chief Product Officer. Kraken’s mobile app does not yet allow credit and debit cards but the company says it plans to roll them out soon.
The crypto spot exchange is ranked fourth in the world by trading volume, just after its competitor Coinbase. Recently, trading volumes peaked to $8 billion in a day, according to director of growth marketing, Dan Held. The company has also amassed a 7 million client base, having registered new users of up to 50,000 per day. In an effort towards globalization, the exchange made a debut in Europe in January.
In a similar fashion to Coinbase, Kraken announced in March plans for a stock market debut scheduled for 2022. The exchange seeks to raise its valuation to $20 billion, about double its current valuation, following an investment round.
Just two months ago, Coinbase Global Inc (NASDAQ: COIN) debuted on Nasdaq starting at $381 per share, 52% higher than its reference price. Their closing price was at $328.28 having hit intraday highs of up to $429.54, according to MarketWatch.
Nevertheless, regulatory compliance costs have excluded residents of New York and Washington states from mobile app services. Officials such as US Central Bank President Christine Lagarde and Treasury Secretary Janet Yellen have also expressed concern regarding the nefarious use of cryptocurrencies.
Kraken, however, has stated that it is registered in the FinCEN bureau under the US Treasury Department and that it is compliant with regulatory and legal requirements across all jurisdictions. Jerome Powell said the US shortsightedness and buckling under pressure from institutions such as banks might cause authorities to push for a bigger crackdown.
In a note to clients, Kraken communicated that while it upholds its protection, it does not function as a crypto wallet, and exchanges on its platform are not insured like deposits. Their approach is different from that of Coinbase which is FDIC insured at up to $250,000 for every US client.