Kraken, the world’s leading digital currency exchange, has launched a mobile digital currency trading app in a new move to boost industry adoption in the United States.
The company announced Wednesday that its new app is now available for most of the United States, as well as other countries around the world, for both iOS and Android users.
The app allows users to trade more than 50 digital currencies like Bitcoin (BTC) and Ether (ETH) via smartphones. The move follows the launch of the Kraken mobile app in Europe in January.
“This consumer app is our first major foray into supporting wider consumer adoption in a much more streamlined and easy-to-use interface,” noted Kraken Product Director Jeremy Welch .
The launch of the new app comes amid Kraken trading volumes grew more than sixfold so far this year through May, Welch said. “The last five months have been pretty unrealistic in Kraken. We’ve seen an increase in new customers and record highs,” he added.
Launched in 2013, Kraken is said to have 7 million customers to date, being one of the largest encryption trading sites in the world, competing with companies such as Binance, Huobi and Coinbase. The exchange is ranked as the fourth largest digital currency trading platform by daily trading volumes at the time of writing, according to CoinMarketCap data.
The newly released Kraken app will not be supported across the US. UU. Because the exchange does not provide services to residents of Washington and New York because of the “cost of maintaining regulatory compliance.” The company is registered as a monetary services company with the U.S. Treasury Department’s FinCEN and says it complies with “legal and regulatory requirements in all jurisdictions” of operation.
The new availability comes less than two months after Kraken’s main rival, Coinbase Exchange, went public on the Nasdaq in April. Subsequently, the major investment trust RIT Capital Partners acquired a stake in Kraken, and RIT executive James Glass noted that, according to reports, the encryption exchange will be made public through a direct listing in 2022. Bloomberg reported in February that Kraken was in talks to raise new funds that could double its valuation to $ 10 billion.