Kraken, one of the largest cryptocurrency exchanges in the world, announced that deposit fees for over 70 digital assets are now eliminated.
The new service provided by Kraken will make it a lot easier for its retail investors to safely purchase more than digital assets through the exchange’s application. Due to the cost of maintaining regulatory compliance, it won’t be accessible for Washington’s and New York’s residents.
The exchange platform disclosed the news on its official website and the initiative became effective immediately on Tuesday. Reducing deposit fees to zero is believed to make virtual currencies more accessible and easier to be acquired for more than 7 million of Kraken’s clients.
“Kraken remains laser-focused on ensuring clients receive the best exchange offering. By cutting out deposit fees, clients can experience the lowest possible friction on their crypto journey.”Jeremy Welch, Chief Product Officer at Kraken
The cryptocurrency exchange knows that in order to increase digital assets’ adoption throughout the globe, these assets need to be accessible by everyone. That’s why the company launched its own mobile application (available in the United States) earlier this month. Users can start buying starting from as little as $10 with just the touch of a button.
The exchange platform launched a similar application earlier this year, which is available only in Europe. Kraken is very popular in the old continent, mostly because of its token offerings. Many of them aren’t yet accessible in the United States. The exchange also claims to have the lowest fees in the crypto trading business.
Kraken expects the reduction of deposit fees will guarantee more stable prices, especially between the exchange platform and the products decentralized finance offers.
“Slashing deposit fees now brings consistency and stability to the pricing between Kraken and DeFi protocols and applications. With 24/7 customer support and full banking rails, the distinct range of products and services makes the Kraken offering one of the most comprehensive in the cryptocurrency space.”Kraken’s announcement
Kraken was launched in 2013 and counts more than 7 million users around the world. The San Francisco-based company is the fourth-largest crypto exchange in terms of the trading volume. One of the platform’s strong points is its fast verification and onboarding time, which is under a minute, depending on each user’s bank.