Kraken Overview | What is Kraken

What is Kraken?

• Kraken is currently available in 176 countries.
• Kraken has 6 million users as of 2022.
• The 24-hour trading volume was $580 million.
• There are 192 coins and 609 trading pairs.

Who is the founder of Kraken?

Kraken was officially founded by Jesse Powell in 2013. He was a student at the University of California. In 2001 he started entering the cryptocurrency market.

In 2001, Jesse founded a company that assisted traders in helping manage accounts and cryptocurrencies.

In 2007, he founded the Verge Gallery and Studio Project which ran until 2010 as Sacramento’s largest contemporary commercial art gallery at that time. During that time, he are more and more interested in Bitcoin.

In 2011, he started developing Kraken and launched the cryptocurrency exchange two years later.

After a decade from the time he founded Kraken, in 2021, Powell will continue to pioneer the cryptocurrency sector.

In the first quarter of 2021, he will oversee the launch of Kraken Bank in Cheyenne, Wyoming, a breakthrough in integrating cryptocurrencies with mainstream finance.

What are the products of the Kraken exchange ecosystem?

Newbies often ask the question What is Kraken platform? or What are the products of the Kraken exchange ecosystem? Ecoinomic.io will help you answer the above questions.

What is Kraken Spot : Regular trading with over 192 cryptocurrencies and 609 multi-currency pairs for users to make transactions.

What is Kraken Margin: Helps you use the loan based on the amount of capital you have, financial leverage is many times the account.

What is Kraken Futures: Trading futures contracts with large leverage that increases potential profits.

Kraken Staking asset and Rewards: If users do not want to take high risks when investing and cryptocurrencies using Staking on Kraken, users can create passive collection by depositing money, they receive interest on deposits.

What is Kraken NFT Marketplace: This is a place for users to buy and sell or create their own NTF.

What is Kraken Dark Pool: This product is contemplated to be launched in the future. Dark Pool allows anonymous traders to place large buy or sell orders without revealing their interest to other traders.

Kraken Review

Advantages

• Allows users to make transactions with over 609 different trading pairs.
• Low transaction costs, suitable for all users
• There are many forms of trading: Spot, Margin, Futures
• User-friendly interface
• High trading volume

Disavantages

• Kraken’s mobile support isn’t good
• The exchange always has many troubles at peak hours,
• Limited payment methods
• The process of verifying personal information is quite complicated

The history and development of Kraken

• Kraken was officially founded in September 2013 by Jesse Powell.
• In March 2014, Kraken received a $5 million Series A investment from Hummingbird Ventures and the Bitcoin Opportunity Fund.
• In January 2016, Kraken purchased Coinsetter (and expanded Cavirtex), an exchange based in New York City.
• By December 2017, Kraken claimed they had up to 50,000 new users per day.
• In April 2018, Kraken announced the closure of its services in Japan due to rising business costs.
• In June 2019, Kraken received $13.5 million from 2,263 individual investors.
• In early 2021, Kraken sought additional funds from investors with a valuation of more than $20 billion, Tribe Capital became the company’s second-largest institutional investor after Hummingbird Ventures and Arjun Sethi was appointed to the board.
• In January 2021, Kraken launched a mobile app for international users, which will be available in the United States in June 2021.
• As of January 6, 2022, Kraken is reportedly worth $11 billion.