Kraken

Company

Kraken is a United States-based cryptocurrency exchange and bank, founded in 2011. The exchange provides trading between cryptocurrency and fiat currencies, and provides price information to Bloomberg Terminal.

Investors

Kraken is backed by investors including, Money Partners Group, Hummingbird Ventures, Blockchain Capital, and Digital Currency Group, among others.

Key metrics

• 9+ million customers across 60 countries [Apr 2022]
• 1800+ employees
• Ranked #4 amongst top cryptocurrency spot exchanges on CoinMarketCap (Nov 2021)

Notable developments

• Kraken agreed to close its staking operations in USA to settle charges with the US federal entity, agreeing to pay a $30 million penalty [Feb 2023]
  • Complaint by SEC on Kraken alleging it sold unregistered securities via its Staking service found here
• Launch of Kraken Pro [Dec 2022]
  • advanced web interface that integrates spot, margin trading, staking, and portfolio management
• Licenced by Abu Dhabi Global Market (ADGM) to operate a regulated virtual asset exchange platform in the financial free zone [Apr 2022]
  • first global virtual assets exchange group in the United Arab Emirates to receive a full financial licence from the ADGM
• Kraken Acquires Staking Platform Staked [Dec 2021]
  • Staked enables investors in proof-of-stake networks to easily and securely compound their holdings
  • acquisition enables a non-custodial alternative to the company’s existing custodial staking service.
  • market cap of the top 30 proof-of-stake assets reached an all-time high of $594 billion during the Q3 2021, according to a report by Staked.

Presence in Singapore

Unknown. Positions available on LinkedIn for Singapore are all remote positions.

Their LinkedIn page indicates presence in the following cities:

• San Francisco (Headquarters)
• London
• Abu Dhabi
• Tokyo
• Melbourne

Regulatory Compliance

Monetary Authority of Singapore (MAS)

Other regions

Might not be a complete list:

• Netherlands: obtained a VASP registration from the Dutch Central Bank (DNB) [Feb 2024]

Social media

• Facebook
• LinkedIn
• YouTube

Transparency

Trust through Transparency

Kraken holds full reserves, and employs an independent, cryptographically-verified audit in order to prove to third parties, including customers, that customer funds are properly held.

These Proof of Reserves audits are conducted regularly to give clients assurance that balances held on Kraken are truly backed by real assets.

Learn more:

• Audit Process
• Verify Your Bitcoin and Ether Balances on Kraken with Proof of Reserves

Ecosystem

Access to platform

• Android
• iOS
• Web

Cryptowatch

Trade multiple crypto exchanges from a single platform

Cryptowatch is a Kraken-owned premium trading terminal that provides real-time cryptocurrency market data, charting and trading services for over 25 cryptocurrency exchanges.

Check out the list of supported exchanges and how to connect to them.

Kraken Rewards

Kraken Rewards is our new feature that allows users to seamlessly earn returns on all of their eligible assets with a single click.

Key benefits of Kraken Rewards:

• Unlock a world of rewards: Earn rewards on all eligible crypto assets with a single touch.
• Earn effortlessly: Reap up to 10+% annually (rates vary) without making a trade.
• Regular payouts: Accumulate earnings daily and enjoy weekly payouts.
• Liquid assets, solid returns: Trade or withdraw anytime, your assets are always accessible.

Kraken Pro

Launched in December 2022, a new advanced web interface that integrates spot, margin trading, staking, and portfolio management.

✔️ Unique Selling Proposition (USP)

Security of Funds

95% of all deposits are kept in offline, air-gapped, geographically distributed cold storage.

Usage Notes and Tips

Account Onboarding

Error popup during KYC Process

I encountered an error popup saying ‘processing failed’ on Kraken’s website after uploading my ID during the KYC process. Nevertheless, after ~20 minutes, I received an email saying my account has been verified.