Giving a tough competition to the world’s biggest cryptocurrency exchange Coinbase, Kraken is coming up with new and exciting deals every other day. In an announcement today, Kraken confirmed reducing the deposit fee on all its digital assets listed on the exchange to zero. Currently, it has over 70 digital assets on their platform.
The exchange said that the reduction will be crucial in providing stability to the pricing difference which exists between their platform and other defi trading platforms. In its statement to the press, the exchange’s chief product officer, Jeremy Welch said that by “By cutting out deposit fees, clients can experience the lowest possible friction on their crypto journey.”
Kraken has been trying to expand its presence in the US and the recent move is seen as the company’s strategic effort to launch defi products on their exchange platform. With the defi markets exploding, kraken doesn’t want to miss any opportunity.
Recently, we have seen that major exchanges are trying to add new features in their bid to tap into the rapidly evolving markets like NFTs and Defi. In June, top cryptocurrency exchange Binance launched its dedicated NFT marketplace. Following a similar strategy, Coinbase, the US based cryptocurrency exchange had also launched Coinbase Pro service to provide users with enhanced trading features and functionalities.