Kraken has launched a new mobile app to facilitate transactions on its crypto exchange, with the solution available on both Android and iOS almost everywhere in the United States.
Kraken Hits Mobile Devices via Dedicated Apps
Cryptocurrency exchange Kraken is stepping up its game by launching a brand-new mobile crypto trading app that will facilitate trades, allow consumers to stay updated about their portfolios, and generally reflect on the company’s growing strength in the United States.
Kraken, which may follow Coinbase, is launching an initial public offering (IPO) of its own, made its mobile app available across most of the United States on Wednesday, and users of both iOS and Android.
Kraken supports a diversity of cryptocurrencies with over 50 options for traders and anyone looking to purchase digital assets, including Dogecoin, which was just listed on Coinbase. The launch is auspicious for the exchange as trading volumes have seen a six-fold increase, says Kraken chief product officer Jeremy Welch.
“The last five months have been pretty unreal,” Welch noted, alluding to the cryptocurrency bull run which sent the value of all mainstream blockchain currencies through the roof and contributed to a 6,000% gain in the value of Dogecoin in 2021 alone.
Ranking in the Top Four Crypto Exchanges
Today, Kraken ranks as the fourth largest exchange based on data provided by CoinMarketCap, still behind other rivals such as Binance, Coinbase, and Huobi. The new app(s) should help consumers gain access to the exchange in a quick and comfortable setting.
Kraken will still observe regulatory compliance and stay away from certain states, and specifically Washington and New York, where the cost of maintaining regulatory licenses is too high to justify a launch just yet.
Kraken, though, is a registered entity with the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and upholds all regulatory standards to ensure the safe and sustainable operation of its product.
Earlier this year, a northern California court has ordered Kraken to provide information on transactions on users who traded more than $20,000 in the period between 2016 and 2020. The information was requested by the Internal Revenue Service (IRS), and the exchange’s compliance proved that it’s interested in staying on the regulator’s good side.