The US-based cryptocurrency exchange, Kraken announced on Tuesday that it has reduced the fees of over 70 cryptocurrencies to zero. The announcement comes just weeks after the crypto firm launched its official mobile app for Android and iOS devices that target the general public.
According to a blog post published on Kraken’s website, the firm clarified that there may still be an initial address creation fee that can be checked into the user’s account. “Kraken remains laser-focused on ensuring clients receive the best exchange offering. By cutting out deposit fees, clients can experience the lowest possible friction on their crypto journey,” Jeremy Welch, Chief Product Officer at Kraken, commented on the matter.
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Moreover, the company stated that its Kraken mobile app launch in the United States was successful. The app, a compliment of its advanced ‘Kraken Pro’ app, is targetting both novice and experienced cryptocurrency traders who can now buy Bitcoin and over 50 digital assets offered in the exchange. For US-based users, bank account deposits can be connected through the app to purchase cryptos.
Kraken and DeFi
By slashing fees to zero, the crypto exchange says they are now aligned with its philosophy on delivering a “life-changing potential of cryptocurrencies.” Jesse Powell, the Co-Founder, and CEO of Kraken, mentioned during an interview with Bloomberg the US-based company’s long-term plans on decentralized finance (DeFi) products and services offerings from the exchange: “Decentralized finance is something that we want to integrate more with and give consumers more exposure to directly.”
Early in June, Finance Magnates reported that Kraken would no longer offer margin trading for US-based customers who do not meet specific requirements. For the non-US-based clients, the crypto exchange said that the ones in the Starter tier must upgrade to the Intermediate tier to keep alive the margin trading feature within its account.