Kraken, the world’s fourth-largest cryptocurrency exchange launched a dedicated mobile app for its US customers earlier in the week on Wednesday. The crypto exchange app supports over 50 coins and allows customers to sell and purchase crypto directly from their mobile phones. Kraken has kept the minimum transaction value to as little as $10 making it effective and accessible to traders of all shapes and sizes.
Kraken’s new app is strategically placed in the market to target the new crypto users and also Coinabse’s clientele. Coinbase, which is the biggest cryptocurrency exchange, has over 40 million active users. The company is valued at over 100 billion and has managed to secure approval from the SEC to get listed publicly.
A Sneak Peek Into Kraken’s Mobile App
While Kraken’s new mobile app is robust and has a friendly UI making it easy for newbie traders it does not support debit and credit card payments. In a statement to the press, Kraken has said that they will add credit card and debit card support in the coming months.
Also, due to the regulations and compliance issues, the app is not available to New York or Washington state residents.
The crypto trade and investment market in the US has grown exponentially. It has led to financial institutions offering several crypto-oriented products and services, Kraken is trying to tap into the market targeting mid-cap and average retail investors.