Kraken has launched its new mobile app in the U.S. following the positive reception the app received in Europe earlier this year.
The app allows U.S. residents to buy or sell more than 50 different cryptocurrencies directly from their mobile phones. Account opening only requires a $10 minimum.
Offering fast verification, an easy payments process, and education tools, the app differs from the existing Kraken Pro app, which is built for more advanced traders.
Kraken argues that as tens of millions of people in the U.S. already use some form of investment app – a number that has grown from near-zero just a decade ago – the share of total trading volume conducted through apps – both in traditional assets as well as in cryptocurrencies – will likely rise considerably over the next decade.
The crypto exchange wants to be at the top of the chain as it caters to millennial and Gen Z age groups while setting an eye on their older peers, who are also joining the technological push.
Jesse Powell, co-founder and CEO at Kraken, said: “The past year has shown that the U.S. investor is truly a force to be reckoned with. With record numbers of Americans conducting most of their financial lives through mobile apps, it makes perfect business sense for Kraken to double down and offer up an app that enables easy access to cryptocurrencies wherever they are in the world: an asset class that’s changing finance and making it work for everyone.”
Jeremy Welch, Chief Product Officer at Kraken, commented: “The last five months have been pretty unreal at Kraken. We’ve seen a surge in new clients and in all-time highs – with Kraken services handling nearly $12 billion of trading volume in a single day. We know greater access leads to wider adoption. The launch of Kraken’s app in the U.S. is a step toward ensuring crypto, as an asset class, reaches everyone – regardless of their background.”
The decision to launch the consumer app in the US follows the “exceptional growth” in Europe experienced since the launch of the app back in January. In May, trading volumes on the app in Europe were more than triple the volumes reported in March, which is sixfold from where they were in January, one of Kraken’s best months on record.
The educational tools and content to learn about cryptocurrency and investing in digital assets is Kraken’s way to convert US consumers into cryptocurrency investors. Volume transacted on the exchange year-to-date totaled more than $420 billion, exceeding the total amount that changed hands in all of 2020.
Kraken is backed by investors including Tribe Capital, Hummingbird Ventures, Blockchain Capital and Digital Currency Group, among others.