How Kraken Cryptocurrency Exchange Is Making A Difference
Kraken was set up in 2013 in the U.S. and it has grown in leaps and bounds since then. It presently ranks as one of the trusted crypto exchnages and commands respect and a userbase that rivals the likes of Coinbase and Binance.
Since Kraken was Powell’s first open foray into blockchain ventures, there’s little to relate the exchange with his previous work, and very few specific companies to tie it to.
However, as usual with crypto exchanges, Kraken is closely related to the main players on the field, such as Binance or Coinbase. Kraken’s success and features affect those of its competition, and all ventures its competition get into affect Kraken in turn.
A specific exchange that Kraken is most related to is Mt. Gox, a now-closed crypto exchange that boasted being the largest exchange in the world.
By 2013, it was believed the exchange handled 70% of all Bitcoin transactions, making it notoriously larger than any other exchange before and since then. The exchange has since gone bankrupt, but Kraken’s initial plan was to serve as competition against it.
Other crypto projects
While Kraken has few other projects when compared to behemoths like Binance that are shaping the blockchain market, the exchange’s approach has been much more subdued – but growth is still there.
Rather than creating a blockchain or trying to expand into other crypto-related areas, as is common for the largest exchanges, Kraken’s business policy has mostly consisted of a single word: Acquisitions.
Over the years, Kraken has purchased and signed agreements with a myriad of other economic, banking, and crypto companies, giving it some of the best ties in the market.
It was Kraken, in fact, who swooped in to help customers when Mt. Gox was hacked and millions of dollars on Bitcoin were lost – something rather interesting, considering Kraken was founded partly because Powell noticed several of the flaws with Mt. Gox’s security.
Among the companies and ventures Kraken has acquired over the years are Coinsetter, Cavirtex, CleverCoin, and CryptoWatch.
Kraken has got into a good place with the crypto scene expanding quite rapidly. As more countries define how crypto trade should be regulated in their territories, there is hope for more investors and users to join the sector.