Kraken is a leading cryptocurrency exchange and bank that provides a comprehensive suite of services for digital asset investors and traders. With a proven track record of security, reliability, and innovation, Kraken has established itself as one of the most trusted names in the crypto industry.
Kraken offers a wide range of trading options for cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and others. Traders can participate in spot trading, margin trading, derivatives, and futures trading, all on one platform. Kraken’s low fees, fast trades, and reliable customer service make it a popular choice for crypto enthusiasts and professional traders alike.
Kraken’s commitment to security is unmatched in the crypto industry. The exchange has never suffered a major hack or security breach, and it implements strict security measures, including two-factor authentication, secure cold storage, and 24/7 monitoring to protect users’ assets.
In addition to its trading services, Kraken also offers institutional services such as OTC trading, custody solutions, and market making. These services are designed to meet the needs of large financial institutions, hedge funds, and other professional traders.
Kraken’s banking services, including debit cards, allow users to easily convert their crypto holdings into fiat currency and spend it anywhere in the world. This integration of crypto and traditional banking services makes Kraken a unique and valuable destination for investors and traders.
With a user-friendly interface, cutting-edge technology, and a commitment to security and reliability, Kraken is the premier destination for all your crypto needs. Visit kraken.com to start trading and banking with confidence.
Kraken History:
Kraken was co-founded in 2011 by Jesse Powell, an alumnus of California State University, Sacramento with Thanh Luu. Powell was a consultant for Mt. Gox in resolving a security issue, and began working on Kraken as a replacement anticipating its death; Gox would indeed collapse in 2014, failing security audits. In September 2013, Kraken was launched, offering Bitcoin, Litecoin, and euro trades initially before going on to add additional currencies and margin trading. A few months earlier, Kraken had joined other US Bitcoin players to form the “Committee for the Establishment of the Digital Asset Transfer Authority” as the self-regulatory group of the industry.
In March 2014, Kraken received a $5 million Series A investment from Hummingbird Ventures and Bitcoin Opportunity Fund. A month later, Kraken became one of the first bitcoin exchanges to be listed on Bloomberg Terminal. The same year, Kraken was chosen to assist with the investigation of lost bitcoins of Mt. Gox; the bankruptcy trustees relied upon Kraken due to its proven operating history without being breached by hackers. In June 2015, Kraken opened the first dark pool for bitcoins.
In January 2016, Kraken purchased Coinsetter (and by extension, Cavirtex), an exchange based out of New York City. A month later, Kraken announced the completion of its Series B round of investment led by the SBI Group and acquired Dutch exchange CleverCoin, and Glidera, a cryptocurrency wallet service. In March 2017, Kraken acquired Cryptowatch, a charting and trading platform. By December 2017, Kraken claimed to be registering up to 50,000 new users a day.
In April 2018, Kraken announced closure of its services in Japan due to the rising costs of doing business. In February 2019, Kraken acquired Crypto Facilities, a British derivatives trading firm. In June 2019, Kraken received $13.5 million from 2,263 individual investors via a special-purpose vehicle.
In September 2020, Kraken was granted a special purpose depository institution (SPDI) charter in Wyoming, becoming the first cryptocurrency exchange to hold such a charter in the United States. In early 2021, Kraken sought additional funding from investors at a valuation of over $20 billion, with Tribe Capital becoming the company’s second largest institutional investor behind Hummingbird Ventures and Arjun Sethi being appointed to the board of directors.
In January 2021, Kraken released a mobile app for international users, which became available in the US in June 2021. In January 2022, Kraken announced its plans to develop an NFT marketplace.
On September 21, 2022, Kraken announced that Powell would be stepping down as CEO to spend “more of my time on the company’s products, user experience and broader industry advocacy.” Powell, who will assume the role of chairman of Kraken’s board of directors, will be replaced as CEO by Dave Ripley, the company’s chief operating officer. In November 2022, Kraken announced it had identified the hacker of rival exchange FTX, and would assist law enforcement in its investigation into the theft of more than $400 million in FTX assets. That same month, the company launched a beta version of its non-fungible token (NFT) marketplace featuring 70 Ethereum- and Solana-based collections.
On November 30, 2022, CEO Powell announced the layoff of 1,100 employees, or approximately 30 percent of the employees, “in order to adapt to current market conditions.” Just weeks later, Kraken announced that it would be exiting the Japanese market amid the continued crypto bear market.
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