Cryptocurrency News

Coinbase Rival Kraken Launches Mobile Crypto Trading in the US

Major global cryptocurrency exchange Kraken has launched a mobile crypto trading application in a new move to boost industry adoption in the United States.

company announced on Wednesday that its new app is now available for both iOS and Android users in most of the United States as well as other countries around the world.

The app allows users to trade more than 50 cryptocurrencies like bitcoin (B T c) and ether (ETH) via smartphone. Trick Like this Rollout of the Kraken mobile app in Europe this January.

“This consumer app is our first major effort to support widespread consumer adoption in a more simplified, easy-to-use interface,” said Jeremy Welch, chief product officer of Kraken. famous.

Welch said the new app launch comes amid a more than six-fold increase in Kraken trading volume as of May. “The last five months have been pretty unreal at Kraken. We have seen a surge in new customers and all-time highs.”

Launched in 2013, Kraken reportedly said it has 7 million customers to date, making it one of the largest crypto trading venues in the world, competing with companies such as Binance, Huobi and Coinbase. exchange is ranked According to data from CoinMarketCap, the fourth largest cryptocurrency trading platform by daily trading volume at the time of writing.

Kraken’s New Rolled App as Exchange Won’t Be Supported Across the US does not offer Services to residents of Washington and New York due to the “cost of maintaining regulatory compliance.” The company is registered as a money services business with the US Treasury Department’s FinCEN and states that it complies with “legal and regulatory requirements in all jurisdictions” of operation.

The new availability comes less than two months after Kraken’s major rival, Coinbase Exchange. went public on nasdaq in April. Subsequently, leading investment trust RIT Capital Partners acquired a stake in Kraken, RIT executive James Glass noted that the crypto exchange is set to go public in 2022 via direct listing. Bloomberg reported in February that Kraken was in talks for new funding Which could double its valuation to $10 billion.