Popular cryptocurrency exchange, Kraken, has launched a new innovation for its users. Targeted at US retail investors, the platform released a mobile app compatible on both Android and iOS devices. However, the Kraken mobile app has been available in Europe since January 2021.
The cryptocurrency exchange platform announced the new development on Wednesday. The Kraken app will let investors transact or invest for as low as $10. Even though the app is to be accessed by US users, it won’t be including New York and Washington in the list of states allowed.
Above 50 cryptocurrencies will be up for trading on the app on investor’s phones. Within the last five months, the platform has seen an increase of users making it one of the four largest cryptocurrency exchanges. The exchange prides itself as offering the lowest transaction fees and a more efficient service.
Coinbase released its first app in 2013, the year its major rival was launched. It built and released another app to enable professional traders access more features. The firm also developed the Kraken-Pro for trading futures.
Regulatory Uncertainty Beclouds the US
The step taken by Kraken into the US market is within the period of regulatory uncertainty. Cost and regulatory compliance is one of the reasons for not launching in New York and Washington.
The expectations of more regulatory policies in the US are increasing. Several officials of the US Treasury have decried the use of Bitcoin and other cryptocurrencies for nefarious activities. Christine Lagarde, the President of the European Central Bank also joined in raising concerns about the illegal application of cryptocurrencies.
Jesse Powell, the exchange CEO holds the opinion that there could be more regulatory policies metted on Bitcoin and altcoins. Powell described the US government as “shortsighted” than most other countries and might easily succumb to the dictates of financial institutions like the banks.