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Kraken

Kraken

Kraken is a cryptocurrency exchange that facilitates spot and futures trading between Bitcoin, Ethereum, and over 200 other digital assets.

Overview
Futures trading

Kraken enables users to access a range of assets and a variety of collateral options to help them open new positions or maintain existing positions through the platform's futures trading features. Regardless of the cryptocurrency being traded, users can opt to convert any profits into a currency of their choice. Moreover, the multi-collateral wallet allows clients to use various collateral types to manage all their positions without requiring the funds to be moved. For instance, users can open a position on DOT/USD, employ USDT as collateral, and convert any profits to Bitcoin (BTC).

Liquidity

Kraken's platform has sufficient liquidity to accommodate professional and institutional traders, letting clients access deep markets, the exchange's principal over-the-counter (OTC) desk, and the futures exchange. Institutional clients are offered fiat and crypto funding options with high monthly limits, including fiat funding in seven global currencies via multiple international partners.

For the most efficient trade execution, Kraken has expanded rate limits for clients trading algorithmically using either the platform's REST or WebSocket APIs. Kraken's high-volume liquidity ensures that trades are executed at precisely the requested price, with spreads measuring 1 pip.

Security
Security Features

Kraken's security features comprise the following:

  • Two-factor authentication via Google Authenticator and Yubikey
  • Email confirmations for withdrawals with self-serve account lock
  • Configurable account timeout that serves as an extra layer of protection
  • Customizable, granular API key permissions with range boundaries
  • Time lock option in global settings
  • PGP-signed and encrypted email for secure communication
  • SSL (Secure Sockets Layer) encryption to protect users while they browse Kraken
  • Constant, real-time monitoring for suspicious activity
  • Zero settlement risk, no chargeback fraud when trading cryptocurrency
  • Sensitive data is fully encrypted at rest and in transit
  • 24/7 live chat and email support for urgent queries
Secure storage of cryptocurrency and NFTs

According to Kraken, 95% of all deposits are kept in offline, air-gapped, geographically distributed cold storage. Kraken keeps full reserves to enable users to withdraw any amount of funds immediately and at any time.

General platform security

Kraken's servers are locked in secure cages under around-the-clock surveillance by armed guards and video monitors. Physical access and code deployment are strictly controlled, and nothing is shipped without being thoroughly reviewed.

Information security

All sensitive account information is encrypted at rest at both the system and data level. Access is strictly controlled and monitored.

Penetration testing

Kraken has a dedicated team of experts who test their own systems via every imaginable attack vector. In addition, Kraken runs a bug bounty program to leverage the expertise of the broader security research community.

Funding options
Traditional currency funding

Kraken allows users to fund their accounts with traditional currencies, offering fiat currency funding with US Dollars, Euros, and Canadian Dollars with minimal fees. Depositing funds with CAD and EUR SEPA (Single Euro Payments Area) is free.

Cryptocurrency funding

Kraken's users can also fund their accounts with cryptocurrency. If they already own digital assets supported by the platform, they can use them to fund the account. After account confirmation, all cryptocurrency deposits are credited to the users instantly. According to Kraken, this entire process can be completed in under ten minutes. The cryptocurrencies supported by Kraken are the following:

  • Bitcoin (BTC)
  • Ripple (XRP)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Qtum (QTUM)
  • Cardano (ADA)
  • Zcash (ZEC)
  • Monero (XMR)
Payment options

The platform's users have the option of purchasing cryptocurrency with a qualifying credit or debit card, mobile digital wallet, or bank transfer.

Corporate funding options

Kraken offers an expanded set of funding options for corporate-level clients, such as USD international wire transfers.

Eligible US clients can avail of Kraken's Signature Bank funding option, which is a faster method of depositing or withdrawing funds. Domestic (US bank to US bank) transfers are processed through Fedwire and take one to five hours to process during US banking hours. The platform's banking time ends at 3 pm EST.

Staking

According to Kraken, the platform's users can earn up to 23% yearly on their cryptocurrency investments through staking. Staking enables users to earn rewards on their traditional currency and crypto holdings. Users can start staking in just a couple of clicks and automatically earn rewards twice a week. Users also have an option to remove the stake at any time with no penalty. Staking-compatible traditional and cryptocurrencies include Polygon (MATIC), Polkadot (DOT), Bitcoin (BTC), Euro (EUR), US Dollar (USD), Ethereum 2.0 (ETH2), and more.

Margin trading

Kraken also features margin trading with up to five times leverage, rollover fees of no more than 0.02% per four hours, margin limits of up to $500,000 for eligible users, and advanced API options.

User support

Since Kraken is a global exchange with a diverse user base, they offer user support to make it as easy as possible for their clients to reach an account representative. Support is available by the following communication channels:

  • Email
  • Phone
  • Prioritized support ticketing
  • Text and messaging apps of the user's choosing

Competitors

Timeline

August 28, 2022
Kraken adds trading support for Alpha Venture DAO (ALPHA), Bluzelle (BLZ), Boba Network (BOBA), Celer Network (CELR), Nodle (NODL), Polkastarter (POLS), Marlin (POND), TrueFi (TRU), and Chain (XCN).
August 11, 2022
Basilisk (BSX) starts trading on Kraken.
August 1, 2022
Kraken adds support for Crust Shadow (CSM) trading.
July 27, 2022
U.S. Department of the Treasury sanctions Kraken for allowing cryptocurrency trading in prohibited countries.
July 26, 2022
Kraken adds trading support for Interlay (INTR).
May 4, 2022
Kraken announces its own NFT marketplace.
August 1, 2021
Kraken raises a $300,000 venture round from BLN Capital, BluePointe Ventures, Digital Disrupt, Empede Capital, HOF Capital and Joint Journey.
April 13, 2021
Kraken raises a $6,000,000 series A round from FINTOP Capital and Flyover Capital.
February 4, 2019
Kraken raises a $100,000,000 series C round.
March 2014
Kraken raises a $5,000,000 series A round from Digital Currency Group, Hummingbird Ventures and Trace Mayer.

Funding Rounds

Acquisitions

Patents

Further Resources

Title
Author
Link
Type
Date

#CNBC #CNBCTV

Kraken CEO on crypto regulation, future risks to growth

Web

A popular cryptocurrency exchange is hiring to build products for Wall Street's fastest traders

Frank Chaparro

Bitcoin & Crypto Video Content | Cryptocurrency Videos | Kraken

Web

How to Grow A Decacorn | Crypto Podcast | Kraken

Web

Kraken - Funding, Financials, Valuation & Investors

Web

News

Title
Author
Date
Publisher
Description
Patrick O'Donnell
August 14, 2021
Express.co.uk
COUNTRIES across the globe are racing to create their own digital currency and join the 'crypto revolution', with the UK set to have its own 'Britcoin'.
Sebastian Kettley
April 14, 2021
Express.co.uk
DOGECOIN prices are experiencing an absolute heyday, with bullish sentiments and a Twitter-fuelled frenzy driving prices up to an all-time high. Some analysts are, however, concerned this DOGE bubble is not going to last and when it bursts, 'you're going to be left short-changed'.

References

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