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Finance

Kraken Releases New Mobile App, Might Go Public in 2022

Kraken’s new mobile app is aimed at consumer investors.

Kraken’s new mobile app is designed for consumer investors, unlike its existing Kraken Pro which is geared toward more advanced traders. Users can set up an account on the app for as little as $10. 

The app offers fast verification, a simple buying process using bank transfer, and a chance to learn about cryptocurrencies.

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The company launched the app in Europe in January. By May, the trading volumes grew more than sixfold from where they were in January.

“The past year has shown that the U.S. investor is truly a force to be reckoned with,” Powell said in a company press release. “With record numbers of Americans conducting most of their financial lives through mobile apps, it makes perfect business sense for Kraken to double down and offer up an app that enables easy access to cryptocurrencies wherever they are in the world: an asset class that’s changing finance and making it work for everyone.”

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Crypto trading on the Kraken app is available to all U.S. residents except those living in New York and Washington, due to higher costs for regulatory compliance in those states.  

“While we strive to offer our services to all U.S. residents, the cost of maintaining regulatory compliance in some states can be very high, forcing us to make hard choices about whether the cost justifies doing business in the state,” the Kraken website states. 

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Source: Kraken

View more information: https://marketrealist.com/p/when-is-kraken-ipo-date/

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